RealTime IT News

Novellus Reports Tepid Growth

Novellus supplied more evidence Thursday of a weak recovery in the chip equipment sector.

Novellus slipped after hours when it said that revenues will come in on the low end of analysts' estimates. Still, the company said it expects a "steady increase" in bookings, even though it remains cautious about the pace of the recovery. Most of the increase in bookings will be for 300mm technology, the company said.

Also after the close, JNI rose on news that it will be acquired by Applied Micro .

The broader market rose during the day on a better than expected second-quarter GDP revision and another week of sub-400,000 jobless claims.

The Nasdaq rose 18 to 1880, a new recovery high, the S&P 500 climbed 6 to 1002, and the Dow gained 40 to 9374. Volume rose to 1.15 billion shares on the NYSE, and 1.47 billion on the Nasdaq. Advancers led 22-9 on the NYSE, and 19-12 on the Nasdaq. Upside volume was 73% on the NYSE, and 74% on the Nasdaq. New highs-new lows were 192-4 on the NYSE, and 259-14 on the Nasdaq.

University of Phoenix Online surged 9% after raising guidance.

Tech Data slipped 2% after missing earnings estimates but beating revenue estimates. VA Software surged 9% on its results.

Intel rose 1% despite comments by CEO Craig Barrett that the SARS virus could re-emerge in China this fall and hurt the company's economy.

IBM and CSC slipped despite good contract news.

PeopleSoft and Oracle kept up their battle, and Tibco began one with Apple .

SGI gained 7% on layoffs.

And the Baby Bells moved to block new FCC rules.

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