AMD a Rare Gainer as Stocks Plunge Again
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AMD (NYSE: AMD) investors were about the ones smiling on Tuesday after stocks were bludgeoned for the fifth straight day on fears of a global credit crisis.
AMD shares rose 8.5% after announcing plans to spin off its manufacturing operations, but the stock ended well off its early gains of more than 30%.
Elsewhere, it was just plain ugly.
The 25 most heavily traded Nasdaq stocks lost 2.6% or more, with Microsoft (NASDAQ: MSFT), Intel (NASDAQ: INTC), Cisco (NASDAQ: CSCO), Oracle (NASDAQ: ORCL), Apple (NASDAQ: AAPL), Applied Materials (NASDAQ: AMAT), Research in Motion (NASDAQ: RIMM), Dell (NASDAQ: DELL), Symantec (NASDAQ: SYMC), eBay (NASDAQ: EBAY), Sun (NASDAQ: JAVA), Broadcom (NASDAQ: BRCM) and Juniper (NASDAQ: JNPR) losing 5% or more, as investors continue to price in a sharp slowdown because of frozen credit markets.
NetApp (NASDAQ: NTAP) lost 12%, following an 8% drop Monday after company CEO Dan Warmenhoven made cautious comments to Business Week.
Google (NASDAQ: GOOG) fell 6.8% to $346.01 and is now down $400 from its 52-week high.
Bank woes and earnings warnings weighed on the broader market, as Federal Reserve efforts to shore up the commercial paper market and hints of more interest rate cuts did little to stop the selling, as the major indexes all ended the day more than 5% lower and the S&P 500 hit a five-year low, falling below 1000 for the first time since October 2003.
The Nasdaq lost 108 to 1754, the S&P fell 60 to 996, and the Dow tumbled 508 to 9447. Volume declined to 7.05 billion shares on the NYSE, and 2.9 billion on the Nasdaq. Decliners led by a 30-4 margin on the NYSE, and 24-5 on the Nasdaq. Downside volume was 95% on the NYSE, and 96% on the Nasdaq. New highs-new lows were 7-1146 on the NYSE, and 5-708 on the Nasdaq.