Finally, a tech bellwether delivered results that didn’t disappoint Wall Street.
IBMreported results after the close on Thursday, and while investors didn’t turn handstands, at least they bid the stock modestly higher.
Big Blue’s earnings of $1.16 a share topped analysts’ estimates by four cents. Revenues of $23.15 billion came in slightly below $23.33 billion forecasts, but given the steady string of disappointing results released so far this month, the numbers were good enough.
Services revenues of $11.327 billion were slightly below forecasts, but gross margins of 36.8% were slightly ahead. IBM also reaffirmed full-year guidance. The stock climbed about 1% in after-hours trading.
Also after the close, PMC-Sierrareported in-line results and guidance. Netflixmissed estimates, Rambusraised guidance, and Lexarmissed estimates and warned.
Stocks fell once again during the day despite reports showing tame inflation and strong manufacturing activity. Nokiaplunged more than 12% after warning.
The Nasdaq slipped 2 to 1912, the S&P 500 lost 4 to 1106, and the Dow fell 45 to 10,163. Volume declined to 1.41 billion shares on the NYSE, and 1.67 billion on the Nasdaq. Decliners led 17-14 on the NYSE, but breadth was even on the Nasdaq. Downside volume was 60% on the NYSE, and 54% on the Nasdaq. New highs-new lows were 111-44 on the NYSE, and 34-114 on the Nasdaq.
Apple Computerand SanDiskwere two rare standouts, soaring on better than expected results.
QLogicjumped 6% despite coming in light on revenues.
Advanced Micro Deviceslost 5.6% despite in-line results, while Cypressand Fairchildclimbed on their results.
The IPO of Phase Forwardreceived a warm welcome.
eBayslipped on music download plans.