Valuation concerns, weak retail sales and UAL’s bankruptcy filing sent stocks to steep losses on Monday.
Traders were also disappointed in the nomination of CSX CEO John Snow as treasury secretary.
The Nasdaq plunged 55 to 1367, the S&P 500 dropped 20 to 892, and the Dow fell 172 to 8473. Volume rose slightly to 1.24 billion shares on the NYSE, but declined to 1.5 billion on the Nasdaq. Decliners led 23 to 9 on the NYSE, and 25 to 9 on the Nasdaq. Downside volume was 84% on the NYSE, and 92% on the Nasdaq. New highs-new lows were 38-24 on the NYSE, and 49-29 on the Nasdaq.
IBM and Qualcomm
fell on valuation downgrades, and Cable & Wireless
plunged 40% on a Merrill Lynch Sell rating. IBM announced the world’s smallest transistor, and C&W scored a MovieLink content delivery deal over Akamai
, which lost 7%.
Mercury Computer rose 7% on better than expected guidance.
Intersil fell 8% on a New York Times article projecting slow growth for WiFi.
HP , down 4.3%, and Microsoft
, off 3.5%, announced an expanded Web services pact. Microsoft also unveiled tools to develop Office applications.
Amazon.com , down 4%, faced criticism of the spiders the company uses in its affiliate program.
Gateway , off 2.8%, joined the Tablet PC party.
Dell , down 4%, announced a small business services program. Yahoo
, off 6%, unveiled a new Web hosting initiative.
DoubleClick , down 9%, rolled out a campaign management tool.
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