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Small Business Yahoo Warns; Koogle Out
Yahoo Warns; Koogle Out
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Yahoo issued an earnings warning after the close on Wednesday, and announced that CEO and Chairman Tim Koogle will step down as CEO.
During the day, stocks rallied despite earnings warnings from Broadcom and JDS Uniphase. Cyclical issues soared on a Fed Beige Book reading that showed a slowing economy and few inflationary pressures, raising hopes for a 50 basis point rate cut when the Fed meets on March 20.
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Some technical comments on the market: Note: We are now including charts in the technical market commentary. If you can't get the charts via the e-mail newsletter version, try this link: http://www.afterhourstrading.com/column.html
The Nasdaq is trapped in a 50-point range here, between 2200 and 2250. To the upside is a downtrend line from September and the January lows, both around 2250 (first chart). To the downside is 2200 support (second chart), below which the Nasdaq would begin to fill two gaps at 2142 and 2117. Which way will the trading range resolve? Our best guess is to the do finished unchanged at 282, and the Nasdaq rose 19 to 2223. The S&P 500 climbed 8 to 1261, and the Dow soared 138 to 10,729. Volume rose to 1.12 billion shares on the NYSE, and 1.74 billion on the Nasdaq. Advancers led 19 to 11 on the NYSE, and 19 to 16 on the Nasdaq. For earnings reports, visit our earnings calendar at http://www.wsrn.com/apps/earnings/internet.xpl and reported earnings at http://www.wsrn.com/apps/earnings/ireported.xpl. For after hours quotes and news, visit our after hours trading site at http://www.afterhourstrading.com.
fell 3 1/2 to 18 1/2 after warning that the company will post breakeven results this quarter, 5 cents below estimates. Revenue of $170-$180 million will miss estimates of $230 million. The company will conduct an outside search to find a new CEO, but Koogle will remain as chairman. Yahoo also announced a $500 million stock buyback program. The stock was halted all day after canceling an appearance for tomorrow at the Merrill Lynch Internet Conference.
fell 7 5/8 to 40 1/4 after warning that earnings will come in at 8-9 cents, well under the 27 cents expected by analysts, and announced that a major customer had cancelled a contract. JDS
slipped 1 to 27 after guiding estimates down from 17 cents a share to 14 cents. InterNAP
plunged 2 13/32 to 1 15/16 after warning that quarterly and full-year revenues will come in light.
surged 1 1/2 to 11 3/4 on a positive earnings pre-announcement. Ariba
rose 7/16 to 15 3/8 on analyst comments that the stock is undervalued.
rose 7/16 to 23 9/16 on news that it will be acquired by Palm
, which rose 2 11/16 to 22 1/16.
, the latest venture of Netscape co-founder Marc Andreessen, was pushed back to Friday.
fell 4 9/16 to 14 3/8 on UBS Warburg comments that the company could have a tough time making its numbers. Ulticom
, up 3 9/16 to 28 15/16, continued to rally on good earnings news.
must have liked what they heard at yesterday's analyst conference, because the stock added another 4 1/4 to 70.
filed for Chapter 11 bankruptcy and will be delisted from the Nasdaq tomorrow.