Better than expected guidance from EMC and upbeat comments from Cisco
provided some support for the market on Wednesday, but it wasn’t enough to avoid another losing session.
Cisco rose 2% after CEO John Chambers said at the company’s analyst meeting that business confidence is improving. Juniper
lost 2% after Cisco unveiled a new 40 gigabit-per-second router, catching up to Juniper’s top offering.
EMC gained 1% after boosting guidance, but that was well off its high for the day.
EMC said it expects fourth quarter revenues of $1.8-1.825 billion, ahead of $1.746 billion estimates. The new guidance includes some revenue from the acquisition of Documentum , which is expected to close Dec. 18.
The broader market slipped for the second day on concern about interest rates and bank earnings.
The Nasdaq slipped 3 to 1904, the S&P 500 declined 1 to 1059, and the Dow lost 1 to 9921. Volume rose to 1.41 billion shares on the NYSE, and 1.95 billion on the Nasdaq. Decliners led 20-12 on the NYSE, and 20-10 on the Nasdaq. Downside volume was 63% on the NYSE, and 56% on the Nasdaq. New highs-new lows were 147-11 on the NYSE, and 96-21 on the Nasdaq.
After the close, TriQuint raised guidance, Net2Phone
beat estimates, and Unisys
reaffirmed guidance.
During the day, Ciena fell 4% ahead of earnings tomorrow morning.
Network Engines plunged 40% on a warning.
ESS Tech surged 11% after raising guidance.
Cymer and Photronics
rose on their earnings news.
Digital River surged 6% on an upgrade.
eBay climbed 1% after Prudential raised estimates.
Oracle gained 1.4% ahead of earnings next Monday.
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