Stocks Battle Back

By Paul Shread | February 14, 2003
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Stocks erased most of a steep decline on Thursday, as buyers overcame war fears long enough to send the indexes back to breakeven. Dell matched estimates after the close.

The Nasdaq slipped 1 to 1277, the S&P 500 lost 1 to 817, and the Dow fell 8 to 7749. Volume rose to 1.47 billion shares on the NYSE, and 1.33 billion on the Nasdaq. Decliners led 19-13 on the NYSE, and 19-13 on the Nasdaq. Downside volume was 64% on the NYSE, and 60% on the Nasdaq. New highs-new lows were 22-204 on the NYSE, and 41-149 on the Nasdaq.

After the close, Dell rose after matching estimates and reaffirming guidance, and Intuit beat estimates and raised guidance. Analog Devices and NVIDIA beat estimates.

During the day, Intel rose 2.4% after unveiling a new cell phone chip. Texas Instruments fell 2.8% on the news.

Qualcomm lost 7.3% on concern about the Intel chip and a CDMA inventory buildup in China.

Amazon dropped 5.1% on sales tax concerns.

Brocade fell 10% after matching estimates, Cognizant climbed 1.3% after beating estimates, while TMP Worldwide fell 14% after missing estimates and declining to give guidance.

Cisco gained 0.8% on a VoIP deal.

Transmeta rose 2.3% on expanded sales plans.

Overture lost 2.7% despite a deal with MSN Japan.

Yahoo , down 0.6%, unveiled a new premium service.

Comverse slipped despite a new customer and platform.

Motorola , down 0.3%, unveiled a Java-Linux handset.

TerraLycos fell 5.5% despite a $500 million deal.

Hoover's , down 8.2%, is back to one bidder.

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