RealTime IT News

McAfee, Broadcom Beat the Street

Technology earnings reports continued to roll in late Thursday, with Broadcom and McAfee beating estimates and Gateway shares falling after the company reported a 9% sales decline.

Broadcom and McAfee shares gained in late trading after the two companies reported double-digit sales growth that beat Wall Street expectations, but Gateway shares fell 11% after the company missed sales forecasts and reported lower gross margins but met profit expectations of 2 cents a share. BMC lost ground after lowering its outlook.

Stocks fell during the day on concern about loan troubles at HSBC and New Century , but better than expected retail sales and strength in technology stocks helped pare early losses.

EMC shares surged on news that the company will spin off 10% of its VMware division in an IPO.

Alcatel Lucent rose ahead of its earnings report due out Friday morning.

EDS , Akamai , TeleTech and Sina gained on their results.

Spectralink soared on a buyout offer from Polycom .

Syntax-Brillian , Riverbed and Isilon fell on their earnings reports.

Mellanox and Switch and Data rose in their IPOs.

The Nasdaq slipped 2 to 2488, the S&P 500 lost 1 to 1448, and the Dow fell 29 to 12,637. Volume rose to 2.82 billion shares on the NYSE, but declined to 2.05 billion on the Nasdaq. Decliners led 16-15 on the NYSE, and 15-14 on the Nasdaq. Downside volume was 52% on the NYSE, and 52% on the Nasdaq. New highs-new lows were 306-22 on the NYSE, and 177-41 on the Nasdaq.