RealTime IT News

Warnings, Weak Dollar Send Stocks Lower

Stocks gave back some of Monday's strong gains on warnings from McDonald's and Target and a new low for the greenback.

The Nasdaq lost 8 to 1392, the S&P 500 declined 7 to 902, and the Dow fell 92 to 8535. Volume rose to 1.26 billion shares on the NYSE, but declined to 1.34 billion on the Nasdaq. Decliners led 19 to 12 on the NYSE, and 20 to 14 on the Nasdaq. Downside volume was 70% on the NYSE, and 62% on the Nasdaq. New highs-new lows were 40-30 on the NYSE, and 69-42 on the Nasdaq.

After the close, Micron missed revenue estimates by 15%, sending Nasdaq futures 1% lower in late trading. Red Hat posted a small profit on a 15% increase in Enterprise revenues, which account for 93% of the company's total revenues.

During the day, Oracle lost 2.5% ahead of tomorrow night's earnings report.

Intersil lost 3.7% on a Department of Defense effort to limit WiFi.

Sun gained 1.6% on a Defense Department deal.

SBC , up 1.6%, and Cisco , off 0.3%, announced an outsourcing deal.

Expedia slipped 1% after rival Orbitz was cleared by a federal antitrust investigation.

Register.com was down 1% on news of 10% layoffs.

Amazon , off 0.2%, continues to benefit from strong online sales.

Microsoft , off 0.2%, is targeting digital entertainment.

eSpeed hit a new 52-week high on a deal with the Chicago Board of Trade.

Entrust and Serena gained on upgrades, and Nextel rose on a positive outlook.

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