Disappointing earnings reports and a surge in weekly jobless claims sent stocks lower on Thursday.
The Nasdaq lost 8 to 1457, the S&P 500 declined 7 to 911, and the Dow fell 75 to 8440. Volume declined to 1.5 billion shares on the NYSE, and 1.65 billion on the Nasdaq. Decliners led 19-13 on the NYSE, and 17-13 on the Nasdaq. Downside volume was 68% on the NYSE, and 57% on the Nasdaq. New highs-new lows were 131-22 on the NYSE, and 145-29 on the Nasdaq.
After the close, Amazon surged near a 52-week high (28.04) after beating estimates and raising guidance. Western Digital
, Sina.com
and Digital Insight
beat estimates, VeriSign
and NetIQ
met estimates, and Emulex
and Openwave
guided lower.
During the day, Overture plunged 30% on dismal results.
SBC gained 3.3% on better than expected earnings. That helped out Verizon
, which gained despite adverse rulings by the FCC and a judge who said the company must reveal the names of customers who may have illegally downloaded copyrighted music.
Microsoft slipped 1% as it formally unveiled Windows Server 2003.
Lucent fell 3.5% on the resignation of COO Bob Holder.
Digital River , Intersil
, Veritas
, Microchip
and Micromuse
surged on their earnings reports.
eResearch , Symantec
and Siebel
rose on their results, while Qualcomm
and KLA-Tencor
declined on theirs.
AOL , off 1.4%, will offer wireless IM.
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