RealTime IT News

HP Dodges Downtrend

HP investors had a lot to smile about on Wednesday: the stock was the only one of the Dow 30 to finish in the green.

On a day in which the Dow suffered its biggest point decline in three years and the Nasdaq went into negative territory for the year, HP's shares surged 3.4% on earnings and guidance that were better than Wall Street analysts expected.

HP's results were a rarity in a tech sector that has been hit this year by earnings and sales misses from some of its biggest names, so investors rewarded the company appropriately.

But the broader market suffered steep declines after a stronger than expected consumer inflation reading raised the possibility that the Federal Reserve isn't done raising interest rates.

The Nasdaq lost 33 to 2195, the S&P 500 fell 21 to 1270, and the Dow tumbled 214 to 11,205. Volume rose to 2.83 billion shares on the NYSE, and 2.4 billion on the Nasdaq. Decliners led 27-6 on the NYSE, and 22-8 on the Nasdaq. Downside volume was 90% on the NYSE, and 81% on the Nasdaq. New highs-new lows were 219-29 on the NYSE, and 62-140 on the Nasdaq.

Applied Materials fell 5% despite beating estimates and raising guidance, and NetEase also lost 5% despite better than expected results.

Yahoo lost 3% after the company told analysts it won't see additional revenues from its new ad platform until next year.

LTX surged 23% on its results.

Vitesse tumbled 20% after terminating its CEO and CFO and an EVP over stock option issues.