Salesforce, Autodesk Fall as Nasdaq Rises
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Salesforce.com (NYSE: CRM) and Autodesk (NASDAQ: ADSK) fell about 7 percent each late today after releasing their quarterly results.
Salesforce fell despite a better than expected profit on 20 percent year-over-year sales growth, as the company's financial outlook for next year was merely in line with Wall Street expectations.
Autodesk shares were off despite better than expected results on a 31 percent sales decline, as the company's outlook left room for disappointment.
The broader market edged higher during the day, with the major indexes up about 0.3 percent.
Microsoft (NASDAQ: MSFT) outperformed, rising 1.6 percent to close at $30 a share after Morgan Stanley issued an optimistic report on the software giant.
Dell (NASDAQ: DELL) was flat ahead of its quarterly results due out after the market close on Thursday. Analysts expect quarterly earnings of 28 cents a share from Dell on a 13.3 percent sales decline to $13.14 billion, according to Thomson Reuters.
Semitool (NASDAQ: SMTL) was the tech sector's biggest gainer, up 31 percent on news that it will be acquired by Applied Materials (NASDAQ: AMAT).
Netlist (NASDAQ: NLST) continued its volatile ways, falling 34 percent after a three-day 500 percent gain.
The Nasdaq rose 6 to 2203, the S&P 500 gained 1 to 1110, and the Dow rose 30 to 10,437. Volume declined to 3.82 billion shares on the NYSE, and 1.91 billion on the Nasdaq. Decliners led by a 20-17 margin on the NYSE, and 14-12 on the Nasdaq. Upside volume was 52 percent on the NYSE, and 56 percent on the Nasdaq. New highs-new lows were 255-50 on the NYSE, and 123-22 on the Nasdaq.