RealTime IT News

Micron, Oil Upend Stocks

Stocks were battered for a second straight day Friday amid worries of slowing economic growth and rising oil prices.

Disappointing results from Micron Technology — coupled with weak new home sales and durable orders reports and oil prices that refused to back off the $60 a barrel level — was enough to send stocks to their second straight day of steep losses.

The Nasdaq lost 17 to 2053, the S&P fell 9 to 1991, and the Dow tumbled 123 to 10,297. Volume soared to 2.42 billion shares on the NYSE, and 2.51 billion on the Nasdaq. Decliners led 19-12 on the NYSE, and 18-12 on the Nasdaq. Downside volume was 69% on the NYSE, and 69% on the Nasdaq. New highs-new lows were 243-56 on the NYSE, and 123-80 on the Nasdaq.

Micron lost 2.3% after the company posted an unexpected loss for its May quarter.

McData fell 5% on outsourcing plans.

Xyratex , Cognos , Omnivision and Solectron fell on their results.

Sierra Wireless lost 6% on a downgrade, and Ultratech tumbled 11% on a warning.

Veritas and Symantec slipped after shareholders approved the companies' merger plans.