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RealTime IT News

Stocks Surge On Rising Volume

Stocks surged in the final hour of trading on Tuesday, led higher by strong earnings from Openwave and EMC. Broadcom topped estimates after the bell.

The ISDEX http://www.wsrn.com/apps/ISDEX/ surged 23 to 439, and the Nasdaq rose 82 to 2840. The S&P 500 climbed 17 to 1360, and the Dow rose 71 to 10,649. Volume rose to 1.22 billion shares on the NYSE, and 2.26 billion on the Nasdaq. Advancers led by 19 to 8 on the NYSE, and 23 to 14 on the Nasdaq. Fed Chairman Alan Greenspan testifies on Capitol Hill on Thursday, a week before the Fed's next meeting. For earnings reports, visit our earnings calendar at http://www.wsrn.com/apps/earnings/internet.xpl and reported earnings at http://www.wsrn.com/apps/earnings/ireported.xpl. For after hours quotes and news, visit our after hours trading site at http://www.afterhourstrading.com.

After the bell, Broadcom gained a point to 135 after beating estimates by a penny with 32-cent earnings, and revenues of $376 million topped estimates of $370 million. Compaq surged 10% after hours after beating estimates by 2 cents with 30-cent earnings, and Siebel Systems soared on better than expected results.

During the day, Openwave soared 13 to 66 1/4 on the surprise of the earnings season, reporting earnings of 9 cents a share, 12 cents better than estimates. Revenue grew 36% sequentially, and analysts raised earnings estimates for 2001 by more than 200%, from 15 cents a share to 50 cents a share.

EMC rose 3 1/16 to 79 9/16 after the company beat estimates by 2 cents with 25-cent earnings. Vitesse rose 8 1/4 to 75 1/2 after beating estimates by a penny with 25-cent earnings. FTD.com surged 1 1/8 to 3 3/8 after posting yet another profitable quarter. Interwoven , up 1 11/16 to 31 3/16, beat estimates by a penny with 2-cent earnings. FileNet surged 6 to 28 1/16 after topping estimates.

FreeMarkets led to the downside, off 5 to 21 11/16 after beating estimates by 4 cents with a 27-cent loss. Analysts were concerned about lower than expected auction volumes. Texas Instruments fell 3 9/16 to 45 after missing estimates by 2 cents with a 31-cent loss and lowering forward guidance.

iPrint.com lost 1/4 to 1 3/32 despite beating estimates by a penny with a 23-cent loss. Extended Systems , down 3 9/16 to 24 15/16, beat estimates by 2 cents with a 15-cent loss. DigitalThink , off 1/2 to 15 1/8, met estimates with a 17-cent loss. Geoworks , down 3/16 to 4 11/16, missed by a penny with a 23-cent loss.

DoubleClick climbed 2 to 17 1/4 after the Federal Trade Commission closed its inquiry into the company's ad serving and data collection practices.

E*Trade , up 3/4 to 13 1/16, announced that it is moving to the New York Stock Exchange next month, to trade under a new symbol of ET.

Homestore.com added 1 3/16 to 28 1/16 on news that AOL Time Warner has purchased a 5.7% stake in the company.

InfoSpace , down 1 1/32 to 6, continued to fall on yesterday's management shakeup.

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 showed some nice strength today, but so far the index is just rising beneath i



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