RealTime IT News

IBM, Dell Can't Halt Slide

Neither strong earnings from IBM and Dell nor tame inflation data could stop investors from another day of selling on Friday.

Stocks gapped up after IBM beat earnings estimates, Dell raised guidance and consumer prices showed little evidence of inflation, but fears of an economic slowdown took over soon after the opening bell, when a weaker than expected consumer sentiment report rekindled fears of an economic slowdown.

IBM and Dell finished the day in positive territory, but the rest of the market did not.

The Nasdaq plunged 29 to 1883, the S&P 500 lost 5 to 1101, and the Dow fell 23 to 10,139. Volume rose to 1.45 billion shares on the NYSE, and 1.79 billion on the Nasdaq. Advancers led 17-14 on the NYSE, but decliners led 21-9 on the Nasdaq. Downside volume was 61% on the NYSE, and 85% on the Nasdaq. New highs-new lows were 145-52 on the NYSE, and 41-161 on the Nasdaq.

Rambus and Tessera rose on better than expected results.

PMC-Sierra , Netflix , Lexar , PLX and Aspect fell on disappointing results.

Motorola's Freescale IPO rose after initially pricing lower than expected.

Microsoft moved further into search with an acquisition.

Smith Micro Software soared 33% on a deal with Verizon .