Stellar results and guidance from Cisco Systemswere little help for the rest of the market Thursday, as sellers finally exerted some influence.
Cisco shares surged 6% to a fresh multi-year high after the company trounced Wall Street earnings and sales estimates and raised forward guidance. CEO John Chambers cited “amazingly good” balance for the results, with strong growth from all product lines and regions.
But falling consumer sentiment and rising oil prices weighed on the broader market, and news that the Democrats had officially taken over the House and Senate hit drug stocks.
Concern about a delay in their merger due to antitrust issues hit shares of AT&Tand BellSouth.
A number of technology and Internet stock bucked the downtrend, with BMC, Priceline, Amkor, Brightpoint, Gmarket, Quantumand SimpleTecgained on their results.
Dot Hill, Global Crossing, Jupitermedia (publisher of this Web site), Sonicand Spectralinkfell on their results.
The Nasdaq shed 9 to 2376, the S&P 500 lost 7 to 1378, and the Dow fell 73 to 12,103. Volume rose to 3.09 billion shares on the NYSE, and 2.46 billion on the Nasdaq. Decliners led 18-13 on the NYSE, and 19-10 on the Nasdaq. Downside volume was 61% on the NYSE, and 55% on the Nasdaq. New highs-new lows were 217-22 on the NYSE, and 141-57 on the Nasdaq.