Dell Warning Weighs On Stocks
Stocks traded lower Monday on an earnings warning from Dell Computer, the latest tech giant to warn of lower than expected results.
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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 and S&P 500 broke down out of their smaller rising channels today (first and second charts), following up on last week's reversal signals. However, we still expect any pullback to be modest, perhaps to the gaps at 2618.55 on the Nasdaq and 2470.72 on the Nasdaq 100, and certainly no lower than 2450 on the Nasdaq, the lower channel boundary in that chart.
added 2 to 419, and the Nasdaq lost 28 to 2741. The S&P 500 slipped 7 to 1335, and the Dow fell 66 to 10,521. Volume declined to 530 million shares on the NYSE, and 1.01 billion on the Nasdaq. Advancers led by 13 to 12 on the NYSE, and by a few shares on the Nasdaq. The Leading Economic Indicators report was the latest to show significant economic weakness. Fed Chairman Alan Greenspan testifies on Capitol Hill on Thursday, a week before the Fed's next meeting. 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.
, up 3 13/16 to 52 13/16, continued its strong run in advance of its earnings report tonight. Analysts expect a 3-cent loss. Other companies reporting tonight include Vitesse
, up 1 3/8 to 67 1/16, Texas Instruments
, off 1 5/8 to 48 11/16, and FreeMarkets
, down 5/16 to 24 13/16. Storage giant EMC
, off 2 3/4 to 74 9/16, reports tomorrow morning.
fell 1 9/16 to 7 11/32 after announcing a management reshuffling and a deal with Microsoft
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soared 1 15/32 to 3 11/32 on a CS First Boston Buy rating, based on the company's recent announcement of a $150 million investment from Francisco Partners.
fell 7 1/2 to 29 5/8 after Morgan Stanley Dean Witter lowered earnings estimates on the company. JDS Uniphase
lost 2 1/8 to 58 11/16 on a Wit SoundView downgrade.
slipped 1/2 to 2 1/8 despite beating estimates by 10 cents with a 45-cent loss.