Dismal earnings from AOL and a weaker than expected fourth-quarter GDP report sent stocks to steep losses on Thursday.
The Nasdaq fell 35 to 1322, the S&P 500 lost 19 to 844, and the Dow dropped 165 to 7945. Volume declined to 1.5 billion shares on the NYSE, and 1.44 billion on the Nasdaq. Decliners led 21-10 on the NYSE, and 22-10 on the Nasdaq. Downside volume was 81% on the NYSE, and 80% on the Nasdaq. New highs-new lows were 46-64 on the NYSE, and 46-69 on the Nasdaq.
After the close, MicroStrategy, NetIQ, Digital Insight, and GlobeSpan Viratabeat estimates; Websenseand Craymatched estimates; and Commerce Onemissed.
During the day, AOLfell 14% on a $99 billion loss and the departure of Ted Turner as vice chairman.
Microsoft, off 3.4%, has agreed to make changes to .NET Passport, according to the EU.
Rambusgained another 7.8% after yesterday’s legal victory, but the company still faces FTC charges.
Dell, off 4.5%, is launching a retail trial with Sears.
Hotels.com, Expediaand pricelinefell on potential competition from the hotel industry, which the Wall Street Journal said may roll out a competing Web site.
eBay, off 1%, launched a business-to-business site.
SAP, off 0.2%, reported a solid quarter.
InfoSpace, Digital Riverand Neowaregained on their earnings reports, while Foundry, Netegrity, and Maximfell on theirs.
Digitasgained on its earnings, while eUniversefell.
Verizon, down 1.3%, continued its fight with the music industry.
TiVo, down 2.7%, scored a deal with 20th Century Fox.
NaviSite, off 3%, announced an acquisition.
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:
http://www.InternetStockReport.com.