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RealTime IT News

Stocks, Intel Stage Comeback

Disappointing guidance from Intel didn't weigh on stocks for long Friday, as both the market and Intel finished the day well off their lows.

The stock market and Intel hit their lows an hour into the trading day and marched steadily higher to finish with modest gains on the day, spurred higher by a big drop in oil prices.

Intel opened down 2% and ended the day with a 1.5% gain, as traders shook off the chip giant's lower than expected sales and capital spending guidance and worries about competition from AMD , with optimism about upcoming products with Apple outweighing concerns about rising inventories and manufacturing constraints.

The Nasdaq rose 10 to 2256, the S&P 500 gained 3 to 1259, and the Dow rose 23 to 10,778. Volume fell to 1.87 billion shares on the NYSE, and 1.66 billion on the Nasdaq. Advancers led 19-13 on the NYSE, and 18-12 on the Nasdaq. Upside volume was 59% on the NYSE, and 73% on the Nasdaq. New highs-new lows were 105-62 on the NYSE, and 123-25 on the Nasdaq.

NeoMagic soared 130% on a big jump in earnings and revenues.

Jamdat jumped 18% on a buyout offer from Electronic Arts .

Credence lost 13% on its results.

IBM slipped 0.7% on a UBS valuation downgrade.

Alltel rose 1.6% after selling its wireline business.

Note: The Technical Analysis column will return Monday, Dec. 12.



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