Business Picks Up At Qualcomm

Qualcomm raised its outlook on Monday, but the good news wasn’t enough to keep the Nasdaq from sliding back to breakeven on the year.

Qualcomm raised second-quarter earnings guidance to 48-50 cents a share, well above 40-cent estimates, and the company hiked its revenue outlook too.

The company cited “record demand” and “strong growth” in CDMA markets. Qualcomm said it expects to ship as many MSM chips in the first half of this year as it did in all of 2002.

Qualcomm gained 5% on the day, but the Nasdaq continued its slide, ending the day just four points above where it began the year.

The Nasdaq fell 30 to 2007, the S&P 500 lost 3 to 1140, and the Dow slipped 9 to 10,609. Volume declined to 1.38 billion shares on the NYSE, but rose to 1.96 billion on the Nasdaq. Decliners led 20-11 on the NYSE, and 23-9 on the Nasdaq. Downside volume was 68% on the NYSE, and 81% on the Nasdaq. New highs-new lows were 116-9 on the NYSE, and 95-11 on the Nasdaq.

After the close, Netflix raised guidance, and Synopsis warned.

During the day, Emulex and QLogic tumbled on rumors of possible competition from AMCC .

Lucent gained 3.5% on a security push.

Wind River surged 10% on strong results and Linux plans.

And PeopleSoft began mailing proxies for a crucial March 25 shareholder vote.

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