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
, EMC
and Sun
will 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, Motorola and Texas Instruments
will 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.
Microsoft climbed 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.
eBay is expected to earn 27 cents a share on revenues of $769 million when it releases results after the close on Wednesday, and analysts expect Amazon
to 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, Corning and J2 Global
beat estimates, and Flextronics
and JDA
met estimates.
During the day, Lexmark fell 7% after missing revenue estimates.
palmOne jumped 10% on a deal with Verizon
.
EDS rose 4% on an outsourcing deal with Bank of America
.
Netflix dropped 12% on a downgrade.
M-Systems lost 6% despite beating estimates and raising guidance.
Blue Coat fell 12% on an acquisition.
