Another day of disappointing earnings sent stocks to their fifth straight loss on Wednesday and put the Dow and S&P 500 in the red for the year.
The Nasdaq slipped 4 to 1359, the S&P 500 lost 9 to 878, and the Dow fell 124 to 8318. Volume surged to 1.57 billion shares on the NYSE, and 1.5 billion on the Nasdaq. Decliners led 21-11 on the NYSE, and 19-12 on the Nasdaq. Downside volume was 68% on the NYSE, and 58% on the Nasdaq. New highs-new lows were 87-58 on the NYSE, and 64-63 on the Nasdaq.
After the close, Qualcommand NetScreenbeat estimates and raised guidance. Texas Instruments, PeopleSoft, CheckPoint, Siebel, SanDisk, Tellabs, Citrix, Mercury Interactive, Storage Techand Silicon Labsalso beat estimates. Computer Associatesbeat estimates, but lowered its revenue forecast. CDW Computerwarned.
During the day, DoubleClickgained 10% after beating estimates and reaffirming guidance.
Lucentgained 7.7% on better than expected results and guidance and a deal with Cisco.
WebExplunged 21% on Microsoft’s acquisition of PlaceWare. Microsoft, off 0.6%, also unveiled its long-awaited CRM software and made other CRM announcements.
HP, up 0.1%, will resell AOL’sinstant messaging products.
CheckFree, webMethodsand JDAsurged on better than expected results. Motorola, Openwave, Sanmina, Avaya, Xilinx, Hutchinsonand RF Microfell on their results, and and Unisyswas unchanged on its report.
E*Tradefell 7.5% on a warning.
IBM, down 1%, announced Linux customers.
Sun, off 2%, is also making a major Linux push, and Dell, Red Hatand AMD also basked in the Linux limelight.
NVIDIAgained 0.3% on new graphics chips.
RealNetworks, off 3.7%, unveiled source code.
Veritasrose 0.1% after updating its data backup product.
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