RealTime IT News

HP No Help for Techs

Despite another quarter of stellar results and guidance, investors opted to take profits in HP and the Nasdaq on Friday.

Weighing on the stock was news that the SEC has upgraded its probe of the company's boardroom leak scandal into a formal investigation, along with the sense that the good news was largely priced in after a 40% run-up so far this year.

HP also said it has completed most of its planned 15,000 job cuts.

Autodesk and Smart Modular gained on their results, while Intuit , Microsemi , Ditech and Sanmina fell on their earnings reports.

The broader market managed to shake off unexpectedly weak housing data to cheer another decline in oil prices. A rousing IPO for Nymex also helped set the mood.

The Nasdaq lost 3 to 2445, the S&P 500 added 1 to 1401, and the Dow rose 36 to 12,342. Volume declined to 2.62 billion shares on the NYSE, and 1.8 billion on the Nasdaq. Decliners led 17-15 on the NYSE, and 17-12 on the Nasdaq. Upside volume was 51% on the NYSE, and 40% on the Nasdaq. New highs-new lows were 167-17 on the NYSE, and 145-47 on the Nasdaq.