RealTime IT News

Stocks Survive IBM, Nokia

The best thing that could be said for the stock market Friday is that it survived earnings disappointments from two tech heavyweights relatively unscathed.

Shares of Nokia tumbled 9% on its second earnings warning this month, and IBM slipped 2% on in-line results that included services contracts that came in below Wall Street estimates.

The end result could be a change in mindset for investors, who even found a silver lining in weak economic reports as a sign that perhaps the Federal Reserve won't have to raise interest rates for a while yet.

The Nasdaq lost 6 to 1995, the S&P 500 gained 5 to 1134, and the Dow rose 54 to 10,451. Volume declined to 1.49 billion shares on the NYSE, and 1.87 billion on the Nasdaq. Advancers led 24-8 on the NYSE, and 16-15 on the Nasdaq. Upside volume was 65% on the NYSE, and 29% on the Nasdaq. New highs-new lows were 106-51 on the NYSE, and 85-21 on the Nasdaq.

Most earnings reports were once again met by selling. DoubleClick , Lexar Media and Netflix sustained the worst damage, and Sun , Siebel , Cree , CDW , PMC-Sierra , McData and Transmeta also fell on their reports.

Avid and E*Trade were two of the few tech companies reporting that ended the day in the green.

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