RealTime IT News

Intel Rises After Hours

Intel gave some hope to battered bulls after the close on Thursday by issuing a warning that wasn't as bad as feared.

During the day, the Nasdaq fell 41 to 1251, the S&P 500 lost 14 to 879, and the Dow dropped 141 to 8283. Volume slipped to 1.33 billion shares on the NYSE, but rose to 1.52 billion on the Nasdaq. Decliners led 21 to 11 on the NYSE, and 23 to 9 on the Nasdaq.

After the close, Intel gained back half of the day's 6% loss after guiding revenue estimates to the lower half of previous guidance. The company also maintained CapEx guidance, which could boost capital equipment stocks. McData reaffirmed guidance.

During the day, Tellabs fell 9% on news of its first quarterly loss in more than 10 years.

Novellus joined the list of new 52-week lows.

Concord EFS plunged 24% on a warning.

Take-Two gained 8% after beating estimates.

Some technical comments on the market: Note: To see the charts in the text email newsletter, click on the internetstockreport.com story link at the top of the newsletter.

The Nasdaq (first chart below) closed below critical 1263 support today. The odds now favor a test of the 1192-1206 lows, if not new lows. 1260-1263 is first resistance, 1290-1300 is next, and 1240 is first support. The SOX (second chart), the semiconductor index, hit a new intraday and closing low today, but almost any move up tomorrow could break the index's most recent downtrend. The S&P (third chart) has resistance at 890, and support at 875, 854, 843, 833 and 814-815. The Dow (fourth chart) has resistance at 8475, and support at 8200, 8025-8050 and 7950. August unemployment numbers will be reported at 8:30 tomorrow morning.




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