RealTime IT News

Cisco, EMC Provide (Some) Help

Better than expected guidance from EMC and upbeat comments from Cisco provided some support for the market on Wednesday, but it wasn't enough to avoid another losing session.

Cisco rose 2% after CEO John Chambers said at the company's analyst meeting that business confidence is improving. Juniper lost 2% after Cisco unveiled a new 40 gigabit-per-second router, catching up to Juniper's top offering.

EMC gained 1% after boosting guidance, but that was well off its high for the day.

EMC said it expects fourth quarter revenues of $1.8-1.825 billion, ahead of $1.746 billion estimates. The new guidance includes some revenue from the acquisition of Documentum , which is expected to close Dec. 18.

The broader market slipped for the second day on concern about interest rates and bank earnings.

The Nasdaq slipped 3 to 1904, the S&P 500 declined 1 to 1059, and the Dow lost 1 to 9921. Volume rose to 1.41 billion shares on the NYSE, and 1.95 billion on the Nasdaq. Decliners led 20-12 on the NYSE, and 20-10 on the Nasdaq. Downside volume was 63% on the NYSE, and 56% on the Nasdaq. New highs-new lows were 147-11 on the NYSE, and 96-21 on the Nasdaq.

After the close, TriQuint raised guidance, Net2Phone beat estimates, and Unisys reaffirmed guidance.

During the day, Ciena fell 4% ahead of earnings tomorrow morning.

Network Engines plunged 40% on a warning.

ESS Tech surged 11% after raising guidance.

Cymer and Photronics rose on their earnings news.

Digital River surged 6% on an upgrade.

eBay climbed 1% after Prudential raised estimates.

Oracle gained 1.4% ahead of earnings next Monday.

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