RealTime IT News

Cisco Rocks, Blue Chips Drop

Strong earnings from Cisco Systems and Disney did little to help the stock market Wednesday, as stocks remained under pressure on fears of rising oil prices and an economic slowdown.

Cisco shares soared 14% after the networking giant beat estimates and raised guidance.

Stocks opened sharply higher on the news, but then spent the rest of the day under pressure. The Nasdaq ended the day unchanged, while the Dow lost nearly 1%.

BMC was another earnings winner, but Seagate , Quest Software , Sapient , Dobson and Jupitermedia , publisher of this Web site, fell on their results.

3Com lost 5% on news of a new CEO, and i2 declined 5% on stock option concerns.

The Nasdaq slipped half a point to 2060, the S&P 500 declined 5 to 1276, and the Dow fell 97 to 11,076. Volume rose to 2.55 billion shares on the NYSE, and 2.12 billion on the Nasdaq. Decliners led 18-13 on the NYSE, and 18-11 on the Nasdaq. Downside volume was 64% on the NYSE, and 40% on the Nasdaq. New highs-new lows were 121-110 on the NYSE, and 49-204 on the Nasdaq.