HANGER ORTHOPEDIC GROUP (HGR, 9.38)- The provider of orthotic and prosthetic supplies and care facilities warned that fourth quarter earnings and revenues will fall short of expectations due to integration problems associated with a recent acquisition.  The company now sees revenues of $115 million and breakeven earnings in the quarter.  Analysts were looking for revenues of $123 million and earnings of 25 cents.

LECHTERS INC (LECH, 1.53)- The housewares retailer said December same store sales rose 3.2%, and total sales fell 2.3% to $86.8 million.

LUCENT TECHNOLOGIES (LU, 69.06)- The telecom equipment maker warned that fiscal first quarter revenues and earnings will fall short of expectations.  Lucent now sees revenues in the quarter flat with a year ago at $9.8-$9.9 billion, and earnings of $0.36-$0.39 per share.  Analysts were looking for the company to earn 54 cents in the quarter.  The company attributed the shortfall to short term production and capacity problems, a decline in software revenues, lower gross margins, and network deployment delays.  The shares are down 13 in after hours trading to 56.

SYSTEMS & COMPUTER TECHNOLOGY (SCTC, 15)- The provider of IT services warned that it will report a fiscal first quarter loss of 22 cents per share.  Analysts were expecting the company to earn 2 cents in the quarter. The company blamed the lowered expectations on a Y2K related revenue shortfall.  SCTC now expects revenues of $95 million in the quarter.

ULTIMATE SOFTWARE (ULTI, 9.50)- The maker of payroll software warned that fourth quarter earnings will be below current analysts' estimates.  The company sees earnings of breakeven to a loss of 3 cents per share, compared to analysts' expectations of a 19 cent profit.  The company attributed the shortfall to Y2K related revenue delays.

AHL SERVICES (AHLS, 20.25)- The provider of outsourced business services warned that fourth quarter earnings will fall short of expectations.  The company now sees earnings of $0.28-$0.30 per share in the quarter, compared to the consensus analyst estimate of $0.43.  The company attributed the shortfall to higher interest rates, startup costs associated with the launch of its e-commerce site, and a higher tax rate.  The shares fell 1 in after hours trading on the news.

BEYOND.COM INC (BYND, 7.53)- The software e-tailer said it expects to report a narrower than expected fourth quarter loss.  The company now sees a loss of ($0.65)-($0.68) in the quarter, compared to expectations of a loss of 75 cents.  The company warned that slower than expected consumer sales will result in fourth quarter revenues coming in below expectations at $34-$35 million.  The shares fell 1.63 in after hours trading on news of the revenue shortfall.

GATEWAY INC (GTW, 62.25)- the PC maker warned that fourth quarter earnings and revenues will fall short of expectations due to a shortage of microprocessors and a Y2K related slowdown in sales to businesses.  Gateway now sees revenues of $2.45 billion in the quarter and earnings of 37 cents per share.  Analysts were looking for the company to earn 44 cents.  The shares fell 6 points in after hours trading on the news.  Look for the news to negatively impact the shares of Dell and other hardware makers in today's trading.

MANDALAY RESORT GROUP (MBG, 19.25)- The resort and gaming company warned that fourth quarter earnings will fall significantly short of expectations.  The company now sees earnings coming in below the 16 cents earned in last year's fourth quarter.  Analysts were looking for the company to earn 25 cents.  The company blamed the shortfall on a Y2K related slowdown in customer volumes.

NORTHLAND CRANBERRIES (CBRYA, 5.50)- The cranberry grower met expectations as it earned two cents per share in its fiscal first quarter.  Revenues increased 119% to $75 million in the quarter.

PACIFIC SUNWEAR (PSUN, 29)- The apparel retailer said its December same store sales rose 8.6%, and total sales increased 35.7% to $74.9 million.

SENSAR CORP (SCII, 59.25)- The instrument maker announced a 2 for 1 stock split.

STANDARD MOTOR PRODUCTS (SMP, 16.31)- The auto parts maker warned that it will report a wider than expected fourth quarter loss.  Analysts were looking for the company to lose two cents in the quarter.

APPLIX INC (APLX, 16.25)- The maker of Linux office software warned that fourth quarter earnings will fall short of expectations due to lower than expected sales of its older software products.  The company now sees earnings of $0.01-$0.03 per share in the quarter, compared to analysts' expectations of 11 cents.

BUDGET GROUP INC (BD, 8.94)- The car and truck rental company will eliminate 1,000 jobs and take a fourth quarter pre-tax restructuring charge of $90-$95 million as part of a planned restructuring.  The company also announced plans to exit the auto sales business.  Budget expects the moves to reduce annual expenses by $100 million.  The company said it still expects to meet fourth quarter earnings estimates.

COMMERCE ONE (CMRC, 218.5)- The b-to-b software maker will acquire e-commerce software maker Mergent Systems in a $200 million deal.

DAMARK INTERNATIONAL (DMRK, 15.38)- The director mail marketer said it expects to beat fourth quarter estimates.  Analysts were looking for the company to earn 17 cents in the quarter.

HUMANA INC (HUM, 7.63)- The HMO has been ordered to pay $78 million in punitive damages after it lost a lawsuit in Florida.  The company plans to appeal the award.

INTERNATIONAL SPECIALTY PRODUCTS (ISP, 9)-  The chemicals manufacturer warned that fourth quarter earnings will fall short of expectations.  The company now sees earnings of $0.08-$0.09 per share in the quarter.  Analysts were looking for the company to earn 21 cents.  The company attributed the shortfall to a planned reduction in inventory levels, and said it expects the problem to be only temporary.

NET2PHONE INC (NTOP, 51.06)- The provider of Internet telephony services has reportedly reached a deal with Panasonic to introduce a line of Internet telephones, according to the Wall Street Journal.

ORANGE PLC (ORNGY, 165)- The cellular operator said it signed up 1.4 million new subscribers during the fourth quarter.

ALTERRA HEALTHCARE (ALI, 7.68)- The operator of assisted living facilities warned that it will report an unspecified fourth quarter loss.  Analysts were looking for a profit of 23 cents in the quarter.

ASYST TECHNOLOGIES (ASYT, 68.75)- The semiconductor equipment maker announced a 2 for 1 stock split.

C-PHONE CORP (CFON, 1.15)- The maker of video communications products said it will seek strategic alternatives to enhance shareholder value.  The company also said NASDAQ has advised the company that its shares will be delisted on January 7th.

MICROCHIP TECHNOLOGY (MCHP, 67.94)- The semiconductor maker announced a 3 for 2 stock split.  The shares rose 2 in after hours trading on the news.

PARAMETRIC TECHNOLOGY (PMTC, 25.13)- The maker of manufacturing software warned that fiscal first quarter earnings will fall short of expectations.  The company now sees earnings of $0.04-$0.06 per share in the quarter.  Analysts were looking for the company to earn 16 cents.  The company attributed the lowered expectations to lower than expected sales of its MCAD software, and said it expects revenues to be $274 million in the quarter, 12% below previous estimates. The shares fell 1 point in after hours trading on the news.

EMC CORP (EMC, 109.25)- The storage systems maker said it named Joseph M. Tucci, the former CEO of Wang Global, as its new President and COO.  The company said it expects its revenues to double in two years.

EPICOR SOFTWARE CORP (EPIC, 5.06)- The business software maker warned that its fourth quarter loss will be wider than expected.  The company now sees a loss of 24 to 29 cents per share, excluding charges, in the quarter, compared to current analysts' estimates of a loss of 11 cents.  The company also said it will take a charge of 44 cents per share in the fourth quarter to cover the costs of a planned restructuring that will result in an 11% reduction in the company's workforce.

STEINWAY MUSICAL INSTRUMENTS (LVB, 20.25)- The piano maker has agreed to acquire German retailer Pianohaus Karl Lang for an undisclosed amount.