A Wobbly Start To Earnings Season

Disappointing earnings from SAP and Accenture got earnings season off to a rocky start on Tuesday.

Investors were also nervous ahead of reports from Intel and Yahoo Wednesday night.

Analysts are looking for a 75% jump in earnings from Intel, to 28 cents a share. Expectations are lower at Yahoo, for a 25% increase to 10 cents a share.

Neither is likely to disappoint. The only question is whether they can deliver enough upside to please investors.

The Nasdaq fell 15 to 2096, the S&P 500 lost 6 to 1121, and the Dow dropped 58 to 10,427. Volume rose to 1.54 billion shares on the NYSE, and 2.4 billion on the Nasdaq. Decliners led by a few issues on the NYSE, and by a 17-14 margin on the Nasdaq. Downside volume was 60% on the NYSE, and 68% on the Nasdaq. New highs-new lows were 372-3 on the NYSE, and 308-4 on the Nasdaq.

StorageTek jumped 6% after raising guidance.

VeriSign gained 5% on an RFID win.

Novell fell 5% on plans to indemnify Linux customers.

Motorola , Lucent and Nortel edged higher on contract wins in China.

Integrated Silicon plunged 13% on falling margins.

E*Trade edged higher on reports that it may acquire TD Waterhouse.

Raindance surged on VoIP plans.

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