An upbeat outlook from Analog Devicesignited chip stocks on Thursday, helping the Nasdaq eke out a modest gain despite a blue chip sell-off on worries about Iran’s nuclear ambitions.
ADI shares soared 10% after reporting sales growth of 6% to $692 million, $40 million above Wall Street estimates. The company also said orders and inventories are improving. Citigroup upgraded ADI shares from hold to buy on the news. The chip sectorgained more than 2% on the day, and National Semishares were up 7%.
Googleand Microsoftboth lagged after Google stepped up competition between the two. Microsoft also got hit by a patent judgment after the bell.
Jupitermedia, publisher of this Web site, lost ground after the company confirmed it is in buyout talks with Getty Imagesfor $9.60 a share.
Moscow CableComjumped on a buyout offer.
ValueClickand WebMDgained on their quarterly results, while Synopsisslipped on its earnings.
The Nasdaq rose 6 to 2524, the S&P 500 slipped 1 to 1456, and the Dow fell 52 to 12,686. Volume fell to 1.95 billion shares on the NYSE, and 1.97 billion on the Nasdaq. Decliners led 19-12 on the NYSE, while advancers led 15-14 on the Nasdaq. Upside volume was 39% on the NYSE, and 56% on the Nasdaq. New highs-new lows were 286-13 on the NYSE, and 198-24 on the Nasdaq.