Fed, Applied Materials Drag Stocks Lower
The prospect of a hawkish Federal Reserve in the face of a slowing economy weighed on stocks Thursday, as did a negative outlook from Applied Materials.
The ISDEX
MP3.com
Rumors that Nortel Networks
PSINet
Aether Systems
NaviSite
Xpedior
BroadVision
GoTo.com
Art Technology
divine interVentures
Ariba
The Nasdaq 100 is forming a 75-point rectangle a day after it broke its bearish pennant to the downside. A break below 3000 could carry the index to 2925, while a break of 3080 could carry the index to 3150. The broken pennant gives the index downside potential to the 2500-2750 range.
slipped 10 to 554, and the Nasdaq lost 45 to 3119. The S&P 500 declined 7 to 1382, and the Dow fell 28 to 10,679. Volume declined to 406 million shares on the NYSE and 662 million shares on the Nasdaq. Decliners led by 14 to 11 on the NYSE and 21 to 13 on the Nasdaq. The Consumer Price Index came in inline with estimates. For earnings reports, visit our earnings calendar and reported earnings. For after hours quotes and news, visit our after hours trading site.
added another 1 3/4 to 7 15/16, doubling in two days after settling a copyright infringement suit with Universal Music Group.
continues to experience difficulties weighed on Internet infrastructure stocks. One rumor had Ciena
, off 1/4 to 100 3/16, winning a major contract from Nortel. Juniper Networks
lost 7 3/4 to 169 3/4; a close below 174 gives the stock downside potential to 120.
, down 5/16 to 3 3/16, announced that it is laying off 20% of its workforce, or 20 staffers.
rose 15/32 to 2 9/32 on news that the company has retained Goldman Sachs to explore financial alternatives.
added 7/8 to 107 5/8 on a partnership with Euronet Worldwide
.
lost 7/8 to 7 3/8 on a Merrill Lynch downgrade. Parent company CMGI
could sell the company, the firm said.
rose 3/8 to 1 1/2 on an alliance with IBM.
rose 1 13/16 to 34 11/16 on a Robinson Humphrey upgrade to Outperform from Neutral.
tacked on 1/8 to 14 7/8 on an alliance with AltaVista.
rose 1 7/8 to 49 7/8 after withdrawing a 4.72 million share secondary offering due to market conditions.
lost 9/16 to 1 15/16 on news that portfolio company BeautyJungle.com will shut down.
, off 8 1/4 to 83, returned to its June breakout point three days after breaking support at 100. A close below 80 could give the stock downside to 49. Possible support points are 70 and 60.