RealTime IT News

Stocks Drop, Then Pop

An early sell-off on war fears raised by President Bush's State of the Union address turned into a victory for the bulls, as stocks bounced back for modest gains on the day.

As expected, the Federal Reserve left interest rates unchanged.

The Nasdaq gained 15 to 1358, the S&P 500 climbed 5 to 864, and the Dow rose 21 to 8110. Volume rose to 1.59 billion shares on the NYSE, and 1.5 billion on the Nasdaq. Advancers led 18-13 on the NYSE, but decliners led by a few shares on the Nasdaq. Upside volume was 60% on the NYSE, and 67% on the Nasdaq. New highs-new lows were 42-68 on the NYSE, and 54-73 on the Nasdaq.

After the close, AOL fell after topping estimates and announcing the departure of Ted Turner as vice chairman. InfoSpace , Foundry , Digital River and Netegrity beat estimates, while Neoware and Maxim came in light on revenues.

During the day, Rambus rocketed 57% after winning a key court ruling.

Looksmart fell 9.5% on its earnings report, but AskJeeves surged 10.4% to a new 52-week high on its report. Corio gained 5.8% on its report.

Verizon , up 4.4%, also topped estimates.

Novellus and Cymer rose after raising estimates. But Earthlink , Photon , RealNetworks , Veritas , Interwoven , Borland , Intersil and Advanced Fibre fell on their earnings reports.

Microsoft , up 2.2%, may soon have an antitrust oversight committee.

Sun , up 0.3%, continued its Java battle with Microsoft.

Intel , up 3.9%, released a new handheld chip.

Yahoo , up 1.1%, unveiled a pay radio service.

NVIDIA , up 2%, struck a deal with HP , which gained 2.7%.

DoubleClick , up 1.4%, released its annual advertising report.

Bluefly , off 1%, received a cash infusion.

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