Disappointing Earnings Send Stocks Lower Again

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, Qualcomm and NetScreen beat estimates and raised guidance. Texas Instruments , PeopleSoft , CheckPoint , Siebel , SanDisk , Tellabs , Citrix , Mercury Interactive , Storage Tech and Silicon Labs also beat estimates. Computer Associates beat estimates, but lowered its revenue forecast. CDW Computer warned.

During the day, DoubleClick gained 10% after beating estimates and reaffirming guidance.

Lucent gained 7.7% on better than expected results and guidance and a deal with Cisco .

WebEx plunged 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’s instant messaging products.

CheckFree , webMethods and JDA surged on better than expected results. Motorola , Openwave , Sanmina , Avaya , Xilinx , Hutchinson and RF Micro fell on their results, and and Unisys was unchanged on its report.

E*Trade fell 7.5% on a warning.

IBM , down 1%, announced Linux customers.

Sun , off 2%, is also making a major Linux push, and Dell , Red Hat and AMD also basked in the Linux limelight.

NVIDIA gained 0.3% on new graphics chips.

RealNetworks , off 3.7%, unveiled source code.

Veritas rose 0.1% after updating its data backup product.

Note: The market commentary has moved: The Technical Analysis is now a separate article. Please go directly to the InternetStockReport.com home page at:


News Around the Web