Apple, Amazon Can't Boost Stocks
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Not even an Apple (NASDAQ: AAPL) upgrade and a new Kindle reader from Amazon (NASDAQ: AMZN) could get stocks moving on Monday, as stocks hugged the flat line ahead of a Senate vote on a massive economic stimulus package and a Treasury Department announcement of a new bank rescue plan.
Apple shares gained nearly 3% on an FTN buy rating, while Amazon shares were little changed on news of the new Kindle, as analysts fretted that the e-reader is still too pricey for broad adoption.
The rest of the market stalled ahead of news on the twin financial rescue plans, although worries about upcoming technology earnings reports also restrained stocks.
Dell (NASDAQ: DELL), which will report its results Feb. 26, gained 2%, but HP (NYSE: HPQ), which will report on Feb. 18, shed 1.4%.
NetApp (NASDAQ: NTAP) added 1% despite mixed comments from analysts ahead of its quarterly results Wednesday night.
Sohu (NASDAQ: SOHU) surged 8% after beating estimates.
Western Digital (NYSE: WDC) lost 4% on a downgrade.
Insight (NASDAQ: NSIT) plunged 48% after saying it will restate results.
Nam Tai (NYSE: NTE) lost 16% on its results.
The Nasdaq was unchanged at 1591, the S&P 500 added 1 to 869, and the Dow slipped 9 to 8270. Volume declined to 5.67 billion shares on the NYSE, and 2.45 billion on the Nasdaq. Advancers led by a 20-16 margin on the NYSE, and decliners led 15-12 on the Nasdaq. Upside volume was 60% on the NYSE, and 51% on the Nasdaq. New highs-new lows were 9-57 on the NYSE, and 10-58 on the Nasdaq.