Stocks fell sharply Monday on yet another day of mixed earnings reports.
Lexmarkand Check Point Softwarewere the culprits this time, plunging on disappointing results and guidance.
Earnings reports generally improved after the close, however.
Texas Instrumentsand Corningbeat estimates and raised guidance after hours. Novelluswarned that revenues will be lower than expected because of a shift in product mix to Japan, but investors bid NVLS stock up after hours anyway.
JDA Software, FindWhat.comand J2 Global Communicationsalso beat estimates after the close.
During the day, disappointing results from Merckand sharply rising interest rates also spooked investors.
The Nasdaq fell 27 to 1681, the S&P 500 lost 14 to 978, and the Dow dropped 91 to 9096. Volume declined to 1.22 billion shares on the NYSE, and 1.46 billion on the Nasdaq. Decliners led 24-8 on the NYSE, and 20-10 on the Nasdaq. Downside volume was 79% on the NYSE, and 74% on the Nasdaq. New highs-new lows were 63-26 on the NYSE, and 124-11 on the Nasdaq.
Yahoorose 4% on an upgrade.
Business Objectssurged 14% on an acquisition.
EchoStarclimbed 2% on an investment from SBC.
Genesis Microchipplunged 14% on the resignation of the company’s CEO.
AOL, off 2.3%, is being sued by CalPERS, the California Public Employees’ Retirement System, for accounting misdeeds.
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