Investors will be watching earnings reports from a number of tech bellwethers this week in hopes that the sector can finally end its six-month slide.
Microsoft, Amazon, eBay, EMCand Sunwill be among the companies reporting second-quarter results this week.
EMC will report Tuesday morning, and analysts are expecting earnings of 8 cents a share, double the company’s year-ago results. Sun, Motorolaand Texas Instrumentswill be among those reporting after the close.
Shares of Sun jumped 6.5% Monday on comments from Bernstein analysts who expect the company to post strong revenues. Sun is expected to lose 3 cents a share, down from a penny profit a year ago.
Microsoftclimbed 1.7% on positive comments from Goldman Sachs and UBS analysts, who expect the software giant to beat estimates of 29-cent earnings and $9 billion in revenues. Microsoft reports Thursday after the close.
eBayis expected to earn 27 cents a share on revenues of $769 million when it releases results after the close on Wednesday, and analysts expect Amazonto earn 19 cents a share on revenues of $1.4 billion when it reports on Thursday.
Despite the positive chatter from analysts, stocks finished mixed Monday on disappointing guidance from Dow component 3M. Fed Chairman Alan Greenspan will testify before Congress on Tuesday and Wednesday.
The Nasdaq added 1 to 1883, the S&P 500 slipped half a point to 1100, and the Dow fell 45 to 10,094. Volume declined to 1.32 billion shares on the NYSE, and 1.78 billion on the Nasdaq. Advancers led 17-15 on the NYSE, but decliners led 18-12 on the Nasdaq. Downside volume was 56% on the NYSE, and 54% on the Nasdaq. New highs-new lows were 104-59 on the NYSE, and 32-202 on the Nasdaq.
After the close, Corningand J2 Globalbeat estimates, and Flextronicsand JDAmet estimates.
During the day, Lexmarkfell 7% after missing revenue estimates.
palmOnejumped 10% on a deal with Verizon.
EDSrose 4% on an outsourcing deal with Bank of America.
Netflixdropped 12% on a downgrade.
M-Systemslost 6% despite beating estimates and raising guidance.
Blue Coatfell 12% on an acquisition.