Stocks Rocket on RIM's Results
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Better than expected results from Research in Motion and a cash infusion for Merrill Lynch put investors in a festive mood on Friday.
Research in Motion soared 11% on better than expected results and guidance, the latest evidence that technology spending is surviving the six-month credit market meltdown. Coupled with Oracle's blow-out results late Wednesday, the Nasdaq posted a two-day gain of 90 points, or more than 3%.
Red Hat shares gained 10% on 28% sales growth and a new CEO, and CSC was up 2% on its outlook.
But the sector had its share of struggles too. Micron shares fell 5% after the company reported a loss that showed that chip pricing remains tough, and Jabil plunged 21% after lowering guidance because of restructuring expenses.
Circuit City tumbled 28% on growing losses in a difficult pricing environment.
The Nasdaq gained 51 to 2691, the S&P rose 24 to 1484, and the Dow surged 205 to 13,450. Volume rose to 4.46 billion shares on the NYSE, and 2.7 billion on the Nasdaq. Advancers led by a 25-8 margin on the NYSE, and 21-9 on the Nasdaq. Upside volume was 84% on the NYSE, and 78% on the Nasdaq. New highs-new lows were 100-207 on the NYSE, and 135-185 on the Nasdaq.
Note: The Market Close and Technical Analysis columns will return on Jan. 2. Happy holidays, and best wishes for a prosperous 2008.