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RealTime IT News

Stocks Slide on Slowdown Fears

A weaker than expected national manufacturing report exacerbated slowdown fears on Wednesday, sending blue chip stocks lower for a fourth day.

The Nasdaq led the way this time, shedding 1.4% after the national ISM manufacturing survey came in at 51.2%, still growing, but below 53% estimates. The report overshadowed an ADP employment report that suggested that Friday's jobs report could be strong.

Apple fell on reports about possible competition from Cingular Wireless.

Commvault gained after Goldman Sachs and RBC initiated coverage of the recent IPO.

Baidu fell 3% after beating estimates but lowering guidance.

Kulicke & Soffa weighed on the chip sector , shedding 5% on a Merrill Lynch downgrade. Plantronics fell 9% on a Bear Stearns downgrade.

Time Warner slipped 1.2% after missing estimates.

After the close, EDS beat earnings estimates but missed sales forecasts, and the company also raised guidance.

The Nasdaq fell 32 to 2334, the S&P 500 lost 10 to 1367, and the Dow dropped 50 to 12,031. Volume rose to 2.8 billion shares on the NYSE, and 2.18 billion on the Nasdaq. Decliners led 21-11 on the NYSE, and 22-8 on the Nasdaq. Downside volume was 77% on the NYSE, and 81% on the Nasdaq. New highs-new lows were 239-24 on the NYSE, and 106-56 on the Nasdaq.