Techs Gain Despite Lexmark Warning
The Nasdaq notched its fourth straight multi-year high Monday despite a profit warning from Lexmark
Lexmark shares fell 6% after the company said earnings will come in well below estimates, squeezed by pricing pressures and development costs. The news also weighed on shares of printer rival and Dow component HP
Imation
Intel gained 1.1% on news of a $219 million stake in EMC's
Amazon
The Nasdaq climbed 3 to 2670, the S&P 500 added 1 to 1531, and the Dow rose 38 to 13,649. Volume rose to 2.68 billion shares on the NYSE, and 1.9 billion on the Nasdaq. Advancing issues led by a 16-15 margin on the NYSE, while decliners led 15-14 on the Nasdaq. Upside volume was 49% on the NYSE, and 53% on the Nasdaq. New highs-new lows were 318-46 on the NYSE, and 246-64 on the Nasdaq.
.
. Lexmark will report full results July 24.
, Orbotech
and Nu Horizons
also fell on warnings, while SigmaTel
soared 24% after raising sales guidance.
and Yahoo
set to report July 17.
VMware unit, which is prepping for an IPO.
and SanDisk
led the Nasdaq to a fresh 6 1/2-year high, rising more than 4% each.