Stocks Stumble on Jobs Report
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National Semi and Ciena helped tech stocks hold up a little better than the rest of the market on Friday, but it was still another ugly day for stocks.
News that employers cut 63,000 jobs last month and that Washington Mutual may be seeking an emergency cash infusion sent blue chip stocks more than 1% lower, but the Nasdaq ended the day down only 0.4% on strength in chip stocks.
Ciena and National Semi were the sector's big winners, surging 11% each on their quarterly results. Ciena beat Wall Street estimates with a 38% sales gain, while improving margins at National Semi helped push the chip sector to a small gain on the day.
Intel, IBM, Apple, Microsoft, Amazon and Yahoo all gained 1% or more.
Orbitz rebounded 18% a day after falling on lower than expected sales.
PeopleSupport tumbled 28% after lowering guidance.
Marvell lost 5% despite better than expected results and guidance, and Palm lost 6% after Lehman Bros. lowered estimates on the company.
The Nasdaq fell 8 to 2212, the S&P lost 10 to 1293, and the Dow fell 146 to 11,893. Volume rose to 4.57 billion shares on the NYSE, and 2.39 billion on the Nasdaq. Decliners led by a 21-11 margin on the NYSE, and 18-11 on the Nasdaq. Downside volume was 67% on the NYSE, and 63% on the Nasdaq. New highs-new lows were 29-396 on the NYSE, and 33-448 on the Nasdaq.