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Small Business Stocks Mixed on Tame Inflation Data
Stocks Mixed on Tame Inflation Data
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Stocks were mixed Wednesday despite better-than-expected inflation data.
The Dow rose 45 and the S&P 500 rose 3. The ISDEX
The session got started with news that the consumer price index rose 0.1 percent in May. That was better than the 0.2 percent rise economists were expecting but higher than April's flat reading.
Shares of CMGI
Shares of Critical Path
eBay
Shares of About.com
Shares of FairMarket
Red Hat
Shares of TiVo
Shares of MatrixOne
Shares of Interwoven
Visual Networks
Some technical comments on the market: Wow. What a fast-moving market. Yesterday we talked about downside support; today we're going to discuss upside resistance. The market is in one tight trading range, getting whipped rose less than a point to 738, but the Nasdaq fell 21 after running into resistance around the 3900 level. Volume rose to 427 million shares on the NYSE, where advancers led 15 to 11. Nasdaq volume rose to 664 million shares; decliners led 18 to 17. May's Consumer Price Index came in better than expected, showing a 0.1% rise, while the core rate was in line with estimates.
rose 1 3/8 to 58 on better-than-expected third quarter earnings and revenue. Internet Capital Group
initially went along for the ride, but fell back, down 7/8 to 33 1/8.
fell 1 3/4 to 7 15/16 after the company missed its earnings number. Initial reports did not include numbers from MightyWords and were misreported as exceeding estimates. There was also concern over the company's cash burn rate. However, Needham & Co. upgraded FatBrain from Hold to Buy, with a price target of $20, on the strength of the company's core business and confidence that it will be able to secure additional financing.
, up 2 7/8 to 48 5/16, and Aether Systems
, up 5 3/4 to 186 3/4, rose on news that the two will develop messaging and collaboration solutions to businesses and consumers via wireless devices.
fell 3 3/4 to 64 1/4 after announcing plans to buy person-to-person trading marketplace Half.com. Infonautics
, which will receive eBay stock in exchange for its stake in Half.com, rose 29/32 to 4 7/8. Robertson Stephens upgraded eBay to Strong Buy on the news. For more on the deal, click here.
recovered 3 1/2 to 36 7/8, a day after falling in sympathy with NBC Internet's
earnings warning. NBCI fell further, down 11/16 to 16 15/16.
gained 15/16 to 11 3/16 on news that it will host the new Lycos
small business auction.
fell 7/16 to 21 3/8 after announcing the acquisition of Linux communications software developer WireSpeed Communications for 1.5 million shares. For more on the story, click here.
soared 10 3/4 to 32 5/16 on news that America Online
will make a $200 million investment in the company. The companies will develop an AOLTV-branded set-top box, and TiVo will become the exclusive provider of personal TV features on the boxes. Shares of Liberate
gained 3 3/8 to 28 5/16. AOL shares rose 1 9/16 to 53 3/16 on news that it will be added to the S&P 100.
rose 3 3/4 to 29 3/4 on news of an alliance with Ariba
.
rose 4 1/8 to 79 1/2 on a CS First Boston Strong Buy rating and comments that the company is expected to exceed second quarter earnings and revenue estimates.
(VNWK) fell 14 5/8 to 40 on a Janney Montgomery Scott downgrade.