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RealTime IT News

Stocks Tumble on Warnings, Jobs Data

A mixed jobs report and earnings warnings from the likes of AMD , Business Objects , WebMethods and 3M sent stocks sprawling on Friday.

3M accounted for half the Dow's loss, tumbling 9% on weakness in its optical film business, the latest company to get hit by tough going in the LCD market in recent months. The news hit shares of Corning and Genesis Micro , among others.

AMD lost 1% on news that its price war with Intel is taking a toll. Intel will report its results on July 19.

Business Objects and WebMethods plunged more than 20% each on their warnings.

A jobs report that showed weaker than expected jobs growth and much stronger than expected wage growth also weighed on the market.

The Nasdaq fell 25 to 2130, the S&P 500 lost 8 to 1265, and the Dow tumbled 134 to 11,090. Volume declined to 1.99 billion shares on the NYSE, and rose to 1.81 billion on the Nasdaq. Decliners led 20-12 on the NYSE, and 21-8 on the Nasdaq. Downside volume was 72% on the NYSE, and 79% on the Nasdaq. New highs-new lows were 79-77 on the NYSE, and 51-104 on the Nasdaq.

Tibco gained 7% on its results.

Sohu , Sina and Tom Online fell on policy changes at China Mobile that will hurt revenues.

PMC-Sierra lost 13% on the departure of its CFO.