RealTime IT News

Stocks Mixed Ahead Of Earnings

Stocks shook off another anthrax scare on Monday to finish mixed ahead of key earnings reports later this week.

The ISDEX http://www.wsrn.com/apps/ISDEX/ was unchanged at 146, and the Nasdaq slipped 7 to 1696. The S&P 500 lost 1 to 1089, and the Dow declined 3 to 9347. Volume declined to 1 billion shares on the NYSE, and 1.5 billion on the Nasdaq. Decliners led by a few shares on the NYSE, but advancers led 18 to 17 on the Nasdaq. Down volume led up volume on both indexes. 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 close, Novellus slipped after matching estimates but warning.

During the day, IBM rose 1.16 to 102 ahead of its earnings report tomorrow night, but Intel slipped .64 to 24.38 ahead of its report, also after the close tomorrow.

Handspring climbed .59 to 2.78 after announcing a new suite of compact communicators.

Symantec surged 2.91 to 51.04 on positive comments by Buckingham Research.

eBay rose 2.66 to 61.57, for a gain of 50% off its September 27 low.

Amazon gained .81 to 8.88 on a Dain Rauscher Wessels upgrade.

Cisco lost .74 to 16.21 on a Needham downgrade.

Some technical comments on the market: Note: We include 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 Dow and S&P continue to cling to their uptrend lines, and both indexes even managed to pop out of small consolidations by the close, a sign of potential further upside. Critical support for tomorrow is 9300-9350 on the Dow, and about 1085-1090 on the S&P. Resistance is 9432 on the Dow and 1099 on the S&P. The Nasdaq would also break out of a consolidation at about 1700, with resistance at 1708 and then 1730. Support is 1680 and then 1640-1650. Click on the links to see those charts. One sign of potential weakness today was a very weak semiconductor sector, which usually leads the Nasdaq. Also, the indexes formed potential candlestick reversal patterns for the second straight day; could the rally be close to topping out? One point in favor of the bulls is that the options put-call ratio was high today, showing that fear is quick to spike on any pullback.

Special report: For a free introduction to technical chart patterns and an overview of last year's action in the stock market, visit http://www.internetstockreport.com/guest/article/0,1785,2571_500051,00.html.