RealTime IT News

Stocks Fall As War Fears Resurface

War fears sent stocks lower on Monday, as the U.S. and the UK planned a new UN resolution and Iraq gave some signs that it might not comply with a UN order to destroy missiles.

An accounting scandal at Dutch food giant Ahold and comments that the European Central Bank is concerned about the U.S. budget and trade deficits also hit stocks.

The Nasdaq fell 26 to 1322, the S&P 500 lost 15 to 832, and the Dow dropped 159 to 7858. Volume declined to 1.21 billion shares on the NYSE, and 1.23 billion on the Nasdaq. Decliners led 22-10 on the NYSE, and 21-10 on the Nasdaq. Downside volume was 81% on the NYSE, and 76% on the Nasdaq. New highs-new lows were 59-89 on the NYSE, and 71-70 on the Nasdaq.

After the close, Macrovision and Register.com beat revenue estimates.

During the day, Oracle lost 4.6% on concern that the company may miss its quarter, which closes this week.

Microsoft declined 2.2% despite saying at a Goldman Sachs conference that its sales pipeline is strong. Microsoft also went on the offensive against Sun.

Sun , meanwhile, tacked on 0.3% ahead of an analyst meeting this week. The company also took a shot at Microsoft office and announced a server deal with AMD , which lost 1.5%.

Priceline surged 14% on strong hotel revenues.

HP , off 2.3%, announced storage initiatives. The company reports earnings tomorrow night.

Cisco , down 1.7%, is pushing WiFi.

Overstock.com surged 9.4% to a new 52-week high.

Cymer fell 5.6% on a downgrade.

Yahoo , down 0.8%, predicted a big year for enterprise IM.

Level 3 , off 1%, won three university contracts.

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