Intel’s better than expected earnings gave chip stocks strong gains on Wednesday, but blue chips fell sharply on earnings concerns.
The Nasdaq added 3 to 1394, the S&P 500 lost 10 to 879, and the Dow plunged 144 to 8257. Volume rose to 1.56 billion shares on the NYSE, and 1.52 billion on the Nasdaq. Decliners led 17-14 on the NYSE, and 16-13 on the Nasdaq. Downside volume was 67% on the NYSE, and 40% on the Nasdaq. New highs-new lows were 127-26 on the NYSE, and 107-30 on the Nasdaq.
After the close, Sun missed revenue estimates, as did Mercury Interactive
. AMD
, Apple
, Broadcom
, UTStarcom
, Lam Research
and SanDisk
topped estimates.
During the day, Microsoft gained 1.2% after beating earnings and revenue estimates, but giving mixed guidance. The stock finished well off its highs for the day.
Intel fared better, surging 6% after beating estimates, and Texas Instruments
soared 10% on its results.
EMC also joined in the party, climbing 8% after beating estimates.
DoubleClick climbed 1.8% after beating estimates, and Digital River
rose fractionally on its report.
Seagate , E*Trade
and CDW
gained on their reports, while Motorola
and Photon
fell on theirs.
Yahoo slipped 0.5% on the departure of former CEO Tim Koogle from the company’s board of directors.
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