RealTime IT News

Stocks Surge On Bank Earnings

Stocks surged Monday on better than expected earnings from financial giants Citigroup and Fannie Mae.

The Nasdaq surged 26 to 1384, the S&P 500 rose 16 to 885, and the Dow gained 147 to 8351. Volume declined to 1.1 billion shares on the NYSE, and 1.16 billion on the Nasdaq. Advancers led 24-8 on the NYSE, and 20-10 on the Nasdaq. Upside volume was 86% on the NYSE, and 78% on the Nasdaq. New highs-new lows were 86-23 on the NYSE, and 99-27 on the Nasdaq.

After the close, IBM missed earnings estimates but topped revenue estimates and reaffirmed full-year guidance. IBM declined to reaffirm second-quarter guidance, but cautioned analysts not to "read too much into this." Novellus beat estimates but warned, and Rambus matched estimates.

During the day, Yahoo , eBay and Amazon traded lower on a Barron's article that said the stocks are overvalued. Well, duh.

E*Trade , Earthlink and Freemarkets rose after Barron's called them attractive alternatives.

Unisys surged 7.7% after beating estimates, and StorageNetworks soared 37% on better than expected results.

Microsoft and Intel gained 2% each ahead of their earnings reports tomorrow night. Intel boosted its Pentium 4 chips by 50%.

VeriSign rose 3.8% after unveiling a new Web services security platform.

Motorola slipped after completing its merger with Next Level.

Apple gained 3% as it unveiled a new Safari browser beta.

Overture rose 1.2% as the company provided details of its ambitious expansion plan.

AskJeeves fell 5% as it upgraded its JeevesOne platform.

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