plunged 6.4% Wednesday on disappointing results, but the surprise was that the rest of the market held up fairly well under the circumstances.
even managed a 4% gain on the company’s upbeat analyst meeting.
One problem with Cisco’s numbers was falling margins. Without rising margins, Cisco will have to rely on growth to boost profits, and forward guidance of 2-4% revenue growth wasn’t enough to reassure investors.
The Nasdaq fell 20 to 1652, the S&P 500 added 1 to 967, and the Dow gained 25 to 9061. Volume rose to 1.47 billion shares on the NYSE, and 1.86 billion on the Nasdaq. Advancers led by a few issues on the NYSE, while decliners led 19-11 on the Nasdaq. Downside volume was 43% on the NYSE, and 79% on the Nasdaq. New highs-new lows were 32-47 on the NYSE, and 75-13 on the Nasdaq.
Research In Motion
recovered from a steep early sell-off on an adverse court ruling.
climbed 1% on ambitious Wi-Fi plans.
managed to finish unchanged despite another antitrust development.
High-flyers were hit hard. China.com
dropped 13% despite beating estimates, and profit-takers took Wave Systems
Earnings reports in general were met with selling. S1
all fell on their results.
gained and Genesis Microchip
fell after the companies’ merger plans fell through.
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