Stocks had plenty of reasons to fall on Friday: rising oil prices, a falling dollar, deflation fears sparked by falling producer prices, and worries about the health of the chip sector.
The Nasdaq fell 37 to 1362, the S&P 500 dropped 12 to 889, and the Dow lost 104 to 8433. Volume rose to 1.27 billion shares on the NYSE, and 1.43 billion on the Nasdaq. Decliners led 21 to 10 on the NYSE, and 22 to 10 on the Nasdaq. Downside volume was 72% on the NYSE, and 88% on the Nasdaq. New highs-new lows were 32-29 on the NYSE, and 44-41 on the Nasdaq.
EDSrose 4% on a Bank of America deal.
Computer Scienceslost 5% on news that it will acquire DynCorp.
Borlandand Rationalwere both rumored to be Microsoftacquisition targets. IBMhas already announced plans to acquire Rational.
Chip stocks were hit by multiple downgrades. Applied Materialsfell 6%. Intelannounced an investment in a broadband chip start-up.
Cirrusplunged 27% on a warning.
Adobeslipped despite topping estimates. Verityrose 4% after beating estimates and announcing the resignation its CFO.
eBay, down 2%, has been the subject of scams lately.
Micromusedropped 19% on news that its CEO is headed to Motorola.
Yahoogave back 1% of yesterday’s 7% surge on a strong advertising outlook.
Level 3edged higher on a deal with Cablevision.
Amdocsrose on a possible deal with SBC, which also gained.
WiFi pure play Intersilsaid it is making transceivers more energy efficient.
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