eBay investors could be forgiven for wondering if there ever was a Nasdaq bear market.
The Nasdaq may remain about 60% below its all-time high, but eBay recently set a new all-time high, clearing its early 2000 peak of 63.75.
And it’s headed higher after hours after beating estimates and raising guidance.
eBay’s earnings of 24 cents a share beat estimates by 2 cents, and revenues of $648.4 million crushed $623.6 million estimates. The online auction king also raised first-quarter and full-year guidance.
With a business model that’s practically recession proof, eBay investors have had a lot to smile about the last few years.
The after hours session wasn’t as kind to Sandisk , which tumbled on its results. Also after hours, Symantec
, Siebel
, Netflix
, Xilinx
, F5
and Citrix
rose on their reports, while Qualcomm
edged lower.
During the day, tech stocks slipped despite some strong earnings reports, while the broader market surged on strong housing data.
The Nasdaq slipped 5 to 2142, the S&P 500 rose 8 to 1147, and the Dow surged 94 to 10,623. Volume declined to 1.76 billion shares on the NYSE, and 2.43 billion on the Nasdaq. Advancers led 20-12 on the NYSE, while decliners led 16-15 on the Nasdaq. Upside volume was 59% on the NYSE, and 35% on the Nasdaq. New highs-new lows were 527-2 on the NYSE, and 396-3 on the Nasdaq.
AMD fell 8% despite beating estimates.
Checkfree and Drugstore.com
surged on their results.
Lucent , PMC-Sierra
, Motorola
, Sanmina
, Netopia
, SupportSoft
, Applied Micro
, Hutchinson
, JDA Software
, RF Micro
and Seagate
fell on their earnings news.
Sonus tumbled after delaying its earnings report, and Looksmart
fell on news of the departure of its CEO.
AT&T Wireless gained 6% on takeover interest.
Microsoft edged higher ahead of its earnings report, due out after the close on Thursday. Analysts are looking for a 15% increase in earnings to 30 cents a share.
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