Techs, Nets Surge Higher
Technology and Internet stocks surged higher on Wednesday, as traders shook off earnings warnings from Applied Materials, JDS Uniphase and Sycamore Networks.
The ISDEX http://www.wsrn.com/apps/ISDEX/
After the close, Wireless Facilities
During the day, Sycamore Networks
JDS Uniphase
Openwave
Excite@Home
EarthLink
E.piphany
S1
eBay
Ciena
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 bounced today exactly at its 1990 logarithmic trendline at 2388 (first chart), critical support for the index. Here's a link to the biggest chart we can find of that line, taken a point above this morning's lows: http://cache.wsrn.com/images/AHT/compx902142.gif. That line is probably the single most important support for the bull market of the 1990s, and a line we do not want to see definitively broken. A close of 2340 or so would be enough to break that line, but the index could meet with strong support at 2300, where the Fed cut interest rates for the first time last month. To the upside, the Nasdaq needs to get back above its September logarithmic dow surged 12 to 352, and the Nasdaq rose 63 to 2491. The S&P 500 lost 2 to 1315, and the Dow dropped 107 to 10,795. Volume rose to 1.11 billion shares on the NYSE, and 2 billion on the Nasdaq. But despite the gains, breadth was negative: Decliners led 17 to 13 on the NYSE, and 19 to 17 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.
surged 3 to 33 after topping estimates by 2 cents with 24-cent earnings.
surged 3 11/16 to 25 after beating estimates by a penny with 6-cent earnings. Forward guidance was not as bad as feared. Applied Materials
rose 5 5/8 to 46 7/8 after beating estimates but guiding future results sharply lower. Goto.com
, up 3/8 to 10 15/16, also beat estimates.
rose 3 to 41 1/2. The newly combined entity of JDSU and SDL guided estimates lower.
slipped 1/8 to 57 5/8, but 8 points off its low, after competitor Comverse Technology
won a contract from AT&T Wireless
.
tacked on 29/32 to 6 5/32 on a deal with AT&T
.
rose 1/8 to 9 1/4 after Microsoft
said it is looking at ISP acquisitions now that valuations have come down.
rose 3 9/16 to 27 3/16 on several contract wins.
rose 1 to 7 15/16 despite issuing an earnings warning. USinternetworking
rose 7/8 to 3 1/8 after topping estimates. MyPoints.com
, off 1/16 at 1 3/8, and NBC Internet
, up 5/32 to 2 3/4, also beat estimates. Be Free
, up 3/32 to 2 5/8, matched estimates. Tanning Technology
, off 11/16 to 5 7/16, matched estimates but warned.
, up 2 25/32 to 50 7/32, continued to rise after a bullish presentation by CEO Meg Whitman yesterday.
, up 7 1/16 to 76 1/4, reports earnings before the open tomorrow, and Dell
, up 13/16 to 23 1/16, reports after the close tomorrow.