Corning, Qualcomm Rise as Stocks Fall
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Qualcomm (NASDAQ: QCOM) and Corning (NYSE: GLW) managed to end the day higher on Monday even as the rest of the market fell on fears of a swine flu outbreak.
Qualcomm shares rose 4.4% on a patent settlement with Broadcom (NASDAQ: BRCM) and better than expected quarterly sales and full-year guidance.
Corning rose 3.3% on better than expected first-quarter earnings and revenues. Corning's sales were down 39% to $989 million, but $35 million better than the Thomson Reuters forecast.
The reports raised hopes that technology demand could begin to stabilize after two very difficult quarters.
Travelzoo (NASDAQ: TZOO) was another winner, up 11% on its results, but Verizon (NYSE: VZ) slipped 1% despite a solid quarter. Apple (NASDAQ: AAPL) edged higher on reports that it could be discussing an iPhone deal with Verizon.
Symantec (NASDAQ: SYMC), Yahoo (NASDAQ: YHOO) and Juniper (NASDAQ: JNPR) led the Nasdaq lower, with losses of more than 4% each. Yahoo's communications chief departed, while Juniper fell victim to profit-taking after gaining 16% on a strong earnings report last week. Symantec will report its quarterly results May 6.
Silicom (NASDAQ: SILC) fell 15% after reporting a 35% decline in sales.
After the close, Baidu (NASDAQ: BIDU) jumped after releasing earnings and sales that beat forecasts and raising its sales outlook.
Sun Microsystems (NASDAQ: JAVA) will report its results after the close on Tuesday. Citrix (NASDAQ: CTXS) will follow on Wednesday, and Ericsson (NASDAQ: ERIC) and Motorola (NYSE: MOT) on Thursday.
The Nasdaq lost 14 to 1679, the S&P 500 lost 8 to 857, and the Dow fell 51 to 8025. Volume rose to 10.13 billion shares on the NYSE, and 2.64 billion on the Nasdaq. Decliners led by a 25-11 margin on the NYSE, and 18-9 on the Nasdaq. Downside volume was 77% on the NYSE, and 64% on the Nasdaq. New highs-new lows were 9-50 on the NYSE, and 21-18 on the Nasdaq.