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 Virata
beat estimates; Websense
and Cray
matched estimates; and Commerce One
missed.
During the day, AOL fell 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.
Rambus gained 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 , Expedia
and priceline
fell 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 River
and Neoware
gained on their earnings reports, while Foundry
, Netegrity
, and Maxim
fell on theirs.
Digitas gained on its earnings, while eUniverse
fell.
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.
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