Stocks fell sharply Monday on yet another day of mixed earnings reports.
Lexmark and Check Point Software
were the culprits this time, plunging on disappointing results and guidance.
Earnings reports generally improved after the close, however.
Texas Instruments and Corning
beat estimates and raised guidance after hours. Novellus
warned 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.com
and J2 Global Communications
also beat estimates after the close.
During the day, disappointing results from Merck and 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.
Yahoo rose 4% on an upgrade.
Business Objects surged 14% on an acquisition.
EchoStar climbed 2% on an investment from SBC
.
Genesis Microchip plunged 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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