Dell and IBM
rose on positive analyst comments Monday, but the broader market fell on bankruptcy and earnings worries.
IBM climbed about 1% after Citigroup upgraded the stock from hold to buy on expectations of strong server and service sales. IBM reports third-quarter earnings on Oct. 17.
Dell was upgraded to strong buy by Needham, which said the sell-off in the company’s stock that followed disappointing second-quarter sales was overdone. Dell won’t report its third-quarter results until Nov. 10.
Earnings season will kick off Tuesday night with results from Apple and AMD
, and then swing into high gear next week.
The broader market declined on warnings from the likes of Xilinx and Unisys
and a bankruptcy filing by auto supplier Delphi
.
The Nasdaq fell 11 to 2078, the S&P 500 lost 8 to 1187, and the Dow fell 53 to 10,238. Volume rose to 2.2 billion shares on the NYSE, but declined to 1.42 billion on the Nasdaq. Decliners led 23-9 on the NYSE, and 19-10 on the Nasdaq. Downside volume was 81% on the NYSE, and 68% on the Nasdaq. New highs-new lows were 34-160 on the NYSE, and 44-100 on the Nasdaq.
eBay climbed 1.4% after Citigroup analyst Mark Mahaney said he expects better than expected numbers when the company reports quarterly results Oct. 19.
Aladdin Knowledge Systems fell 14% on a warning.
Ariba jumped 11% on an RBC Capital upgrade.