Techs Slip On Intel Rumors
Technology stocks traded lower Thursday on rumors that Intel may issue another earnings warning.
The ISDEX http://www.wsrn.com/apps/ISDEX/
Blue Martini
eBay
An earnings warning from F5 Networks
Symantec
Amazon.com
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 100 could be forming a rising wedge or bear pennant here (see first chart). At the least, it's hugging the lower end of its rising channel, so a lot of early strength has gone out of the rally. Also, the index ran into resistance at 2500, a previous support level. So if it's a bear pennant, how low could the index be headed? If we measure the "pole" from the previous consolidation at 2500, we could be headed for a retest of the lows. If we measure from the previous large consolidation at 3000, the picture looks a lot worse. We'll pick the rosier scenario, given the strong support of the 1990 trendline at 2300 on the Nasdaq.
rose 4 to 377, but the Nasdaq slipped 20 to 2519. The S&P 500 added was unchanged at 1328, and the Dow gained 48 to 10,851. Volume rose to 453 million shares on the NYSE and 955 million on the Nasdaq. Advancers led by 16 to 10 on the NYSE and 20 to 16 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.
soared 4 1/8 to 17 7/16 on news of an alliance with Intel
, which fell 2 to 30 9/16 on rumors that it will issue an earnings warning.
surged 3 3/16 to 38 7/16 after the company announced its first national television advertising campaign.
, off 3 5/16, rippled through the infrastructure space. Inktomi
, down 1 5/16 to 21, and CacheFlow
, off 8 1/16 to 23 5/16, fell on the news. Radware
initially fell on the news, then recovered to trade up 2 3/4 to 19 13/16 after saying its quarter is on track. Foundry
, which had warned previously, slipped 5/8 to 15.
rose 4 1/16 to 35 after saying that business remains strong. The stock had fallen on Network Associates'
warning yesterday. CheckPoint
regained 3 to 138 1/4.
tacked on 1/16 to 16 15/16 after Janney Montgomery Scott upgraded the stock from Sell to Hold on somewhat better than expected holiday sales.