RealTime IT News

Sun Microsystems Saves The Day

Call it a victory for the Internet. The accidental early release of blow-out earnings numbers on Sun Microsystems' Web site saved the market from a steep plunge on Wednesday.

The ISDEX was unchanged at 619, well off its low of 588, and the Nasdaq fell 8 to 3205 after plunging to a new yearly low of 3026. The S&P 500 was down 8 to 1341, well above its low of 1305, and the Dow lost 135 to 9953, 300 points off its low. Volume soared to 720 million shares on the NYSE and 1.3 billion on the Nasdaq. Decliners led by 19 to 7 on the NYSE and 25 to 11 on the Nasdaq. Microsoft reports earnings tonight. The Consumer Price Index came in stronger than expected, fueling inflation concerns. For earnings reports, visit our earnings calendar and reported earnings. For after hours quotes and news, visit our after hours trading site.

i2 , up 4 3/8 to 184 7/16, beat estimates by 2 cents with 12-cent earnings and declared a 2-for-1 stock split. PurchasePro also beat estimates, but the stock dropped 3 3/16 to 37 1/16 after a strong rally ahead of the report. Better-than-expected numbers from Intel and Sun also helped, but IBM led the early morning plunge on weaker-than-expected revenues.

America Online recovered 1.07 to 44.67 after trading as low as 37 ahead of its earnings report due out after the close. Yahoo gained 2 11/16 to 51 5/8 after trading as low as 44 3/8. Amazon.com gained 1 3/16 to 23 1/8 after trading as low as 18.

DSL stocks had a rough day on an earnings miss from Covad , down 4 3/4 to 3 7/8, and an earnings warning from Copper Mountain , which plummeted 16 15/16 to 9 15/16.

SonicWall , down 5 1/4 to 11 7/8, beat estimates, but announced the acquisition of privately-held Phobos and also received a downgrade to Sell from Janney Montgomery Scott. RealNetworks , off 6 7/16 to 15 1/4, met estimates but sold off on Internet advertising concerns. Primus Knowledge rose 3/8 to 5 5/8 despite missing earnings estimates.

Entrust climbed 1 5/8 to 23 1/8 on better-than-expected earnings. CheckPoint Software surged 13 1/16 to 160 on blow-out earnings of 35 cents, 8 cents above estimates. Handspring soared 10 3/8 to 88 1/4 on another strong quarter.

Also beating estimates were Blue Martini , off 1 3/8 to 34 5/16, EarthWeb , off 5/8 to 9, Travelocity.com , up 1/16 to 10 15/16, Mercury Interactive , down 11 1/8 to 123 3/4, Foundry Networks , down 3 to 68, CyberSource , off 1 7/16 to 5 3/4, and Datalink , down 3/8 to 12 7/8.

Intraware rose 1 1/16 to 6 1/8 on news of a partnership with IBM . WebMD tacked on 11/16 to 10 5/16 on positive comments from Merrill Lynch.

BroadVision slipped 7/16 to 25 5/8 a day after investors learned the stock will be added to the S&P 500 next month. Juniper Networks , which had been considered the favorite to replace PaineWebber, lost 2 15/16 to 226 1/4. Technical note on Juniper: the stock appears to be forming a broadening top, a 5-point pattern that involves 3 higher highs and 2 lower lows (such patterns are sometimes flat-bottomed or top