Stocks Plunge On HP Warning, Election Uncertainty
An earnings warning from Hewlett-Packard, coupled with continued uncertainty over the outcome of the presidential election, sent stocks plunging on Monday.
The ISDEX
All 50 ISDEX stocks traded lower, led by Portal Software
Ariba
Streamline.com
Entrust
Even good news didn't help stocks. InterNAP
coolsavings.com
Juniper Networks
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The Nasdaq 100 reached its downside target of 2700 (2742) this morning, based on the breakdown out of a bear pennant last week. The Nasdaq is sitting at what could be strong support, a line across the 1996-1998 tops and the 1999 lows. Also, the index filled a gap from October 1999 at 2875 this morning, another sign that this support could hold, if only for a day or two.
dropped 42 to 510, its lowest level of the year, and the Nasdaq fell 150 to 2878, a level not seen in more than a year. The S&P 500 lost 35 to 1330, and the Dow plunged 215 to 10,387. Volume rose to 479 million shares on the NYSE and 869 million shares on the Nasdaq. Decliners led by 18 to 7 on the NYSE and a whopping 5 to 1 on the Nasdaq. The Federal Reserve meets Wednesday, and the Consumer Price Index will be reported Thursday. For earnings reports, visit our earnings calendar and reported earnings. For after hours quotes and news, visit our after hours trading site.
, off 5 3/8 to 22 7/8.
broke support at 100 and plunged 11 1/2 to 89 on an Upside Today story questioning EDS CoNext, the joint venture between Ariba and Electronic Data Systems
. Commerce One
lost 6 13/16 to 51 1/8, and i2
dropped 21 11/16 to 113 1/2.
, which was halted unchanged at 5/32, became the latest e-tailer to shut down.
, off 4 to 22, announced the resignation of CFO David Thompson, who will join TrinTel Communications.
, off 1 1/2 to 15 1/8, was added to Chase H&Q's Focus List and upgraded to Strong Buy.
, off 1/16 to 1 3/16, issued an earnings warning but said it expects to achieve profitability in the second half of 2001.
continued to struggle, off 12 7/16 to 158 1/2. Technical note: The stock on Friday broke a broadening top, as previously noted, with downside potential to 120. A close above 180 would negate the breakdown.