Stocks Crushed On Gateway, Altera Warnings
Stocks sold off across the board Thursday on earnings warnings from Gateway and Altera.
The ISDEX
Ariba
Communications chip companies sold off on the warning from Altera
Juniper Networks
Tut Systems
Brocade Communications' better-than-expected earnings helped storage stocks. Brocade
NorthPoint Communications
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The Philadelphia Semiconductor Index continued its descent toward 400 two days after closing below the lower boundary (600) of a 200-point descending triangle by more than the required 2%. However, we do not expect the SOX to hit that number immediately, given that the apex of the pattern is still some time away. A close above 625 would negate the SOX's breakdown.
fell 28 to 384, and the Nasdaq lost 154 to 2552, both new 52-week lows. The S&P 500 dropped 33 to 1308, and the Dow lost 208 to 10,420. Volume surged to 592 million shares on the NYSE and 1.1 billion on the Nasdaq. Decliners led by 17 to 8 on the NYSE and 28 to 8 on the Nasdaq. For earnings reports, visit our earnings calendar and reported earnings. For after hours quotes and news, visit our after hours trading site.
dropped 4 15/16 to 52 15/16, just above 49 support, after co-founder and CFO Edward Kinsey resigned. He was replaced by Robert Calderoni from adhesive firm Avery Dennison
. Commerce One
dropped 4 3/8 to 26 5/8, breaking 29 support, and i2
fell 5 7/16 to 85.
, which lost 3 1/16 to 22 7/8. Broadcom
declined 4 7/8 to 90 1/8, PMC-Sierra
fell 13 1/2 to 90, and Vitesse
declined 6 15/16 to 42 1/4.
bucked the trend, rising 4 1/2 to 120 after announcing an alliance with Ericsson
to develop mobile Internet routing products.
dropped 3 7/16 to 7 1/4 on an earnings warning. Stratos Lightwave
slipped 1 3/4 to 15 despite beating earnings estimates.
surged 10 5/16 to 164 1/16, EMC
slipped 2 7/8 to 70 5/16, Veritas
rose 1 13/16 to 89 13/16, and Emulex
lost 1 to 109 1/2.
plunged 1 17/32 to 15/32 after Verizon
terminated its merger agreement with the firm, citing a deterioration in fundamentals.