RealTime IT News

Stocks Recover, But eBay Does Not

Stocks recovered from a sell-off to finish in positive territory on Friday, but shares of eBay stayed under pressure.

The ISDEX http://www.wsrn.com/apps/ISDEX/ slipped 1 to 142, and the Nasdaq climbed 18 to 1671. The S&P 500 added 4 to 1073, and the Dow rose 40 to 9204. Volume rose slightly to 1.27 billion shares on the NYSE, but declined to 1.58 billion on the Nasdaq. Advancers led by 16 to 13 on the NYSE, and 19 to 15 on the Nasdaq. 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.

Microsoft rose 1.15 to 57.90 after topping pro forma estimates by 4 cents with 43-cent earnings, but guiding fourth quarter and full-year earnings lower. eBay plunged 7.11 to 51.95 after topping estimates, but offering forward guidance that was at or below previous estimates. The stock fell below its 50- and 200-day moving averages.

Nokia , up 1.32 to 20.10, topped estimates and predicted sequential growth for the fourth quarter. Scientific Atlanta surged 3.80 to 21 after beating estimates.

Others reporting earnings include: Nortel , off .23 to 5.69; Gateway , up .31 to 5.70; Applied Micro , down .37 to 10.24; PMC-Sierra , down 1.48 to 15.12; Corning , off .12 to 7.90; Sun , off .05 to 8.83; PeopleSoft , up 2.26 to 26.56; and Genesis Microchip , up 5.78 to 39.18.

Also, Inktomi rose .90 to 5.30; TriQuint fell .69 to 16.74; Illuminet lost .77 to 43.44; Interwoven slipped .11 to 7.14; Advanced Fibre rose 1.86 to 21.98; SonicWall lost 1.55 to 14.45; Sycamore lost .80 to 4.04; SunGard rose .90 to 26.15; and Conexant gained .29 to 10.04.

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 Nasdaq (first chart) all but guaranteed further downside today by coming within two points of filling its October 11 gap at 1626.26 and then turning up. The index will likely head down soon to finish filling that gap. Monday-Tuesday is a cycle turn window; a move down from there into October 29 is probably the most likely scenario at this point, but again, we'll keep an eye out for signs of a completed correction. First support on the Nasdaq is 1626, then 1614, then an uptrend line around 1580. First resistance is 1675-1680 and then 1700. For the Dow (second chart), first resistance is 9218, then 9271-9309. First support is 9080 and then 9000. On the S&P (third chart), first resistance is 1075 and then 1091. First support is 1057 and then 1052.

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.