Techs, Nets Plunge In Near-Record Volume
Stocks plunged across the board on Wednesday, continuing a sell-off that began when the Federal Reserve failed to lower interest rates on Tuesday. Nasdaq volume was just short of a record.
The ISDEX
Only one of 50 ISDEX stocks finished the day unchanged: Sportsline.com
VerticalNet
An earnings warning from Foundry Networks
Even good news couldn't save stocks. TIBCO
eBay
AnswerThink
Some technical comments on the market: Note: We are now including charts in the technical market commentary. If you can't get the charts via the e-mail newsletter version, try this link: http://www.afterhourstrading.com/column.html
The Nasdaq closed right on its 1990 logarithmic trendline today. We can't get the monthly charts to update intraday today, but here's a link showing the trendline (note that the Nasdaq also closed on a line with the early 1999 lows): http://www.wsrn.com/images/AHT/compx901220.gif. A very good place from which to stage a rally. If we don't hold above 2300, the next stop is likely to be under 2200.
plummeted 41 to 335, an 11% loss, and the Nasdaq plunged 178 to 2332, both new 52-week lows. The Nasdaq is now 54% off its all-time high of 5132 and is on track for its worst year ever, and the ISDEX is 70% off its high of 1132. By comparison, the S&P 500 lost 86% in the great 1929-1932 bear market. The S&P 500 fell 40 to 1264 and the Dow dropped 265 to 10,318. Volume soared to 1.43 billion shares on the NYSE and 2.78 billion on the Nasdaq. Decliners led by 19 to 10 on the NYSE and 32 to 8 on the Nasdaq. For earnings reports, visit our earnings calendar and reported earnings. For after hours quotes and news, visit our after hours trading site.
closed unchanged at 5 3/8.
lost 1/4 to 5 1/8 despite winning a contract from Commerce One
, which plunged 8 5/16 to 22 11/16. Ariba
fell 12 to 47 1/4, breaking support at 49.
and an earnings miss from Jabil
hit infrastructure stocks hard. Foundry plunged 17 5/16 to 13 1/4, Juniper Networks
lost 15 9/16 to 98 3/16, Cisco
lost 5 5/8 to 36 1/8, and Extreme Networks plummeted 17 1/16 to 31 1/2. Merrill Lynch downgraded Cisco and CS First Boston said fund manager sentiment is so negative that Cisco could be headed to the mid-20s.
fell 5 1/16 to 39 1/4 after the company's 10-cent earnings beat estimates by 3 cents.
fell 4 3/8 to 27 15/16, a new 52-week low. Yahoo
, off 3/8 to 27 5/8, and Amazon.com
, off 1 9/16 to 16 11/16, also hit new yearly lows.
lost 1 1/8 to 2 7/8 on an earnings warning.