Earnings News Rattles Investors

A warning from Gateway and an earnings miss by Alcoa sent stocks sprawling on Wednesday.

The U.S. dollar fell and gold surged after superstar bond manager Bill Gross said he favors a weak dollar to boost the economy.

The Nasdaq lost 30 to 1401, the S&P 500 fell 13 to 909, and the Dow lost 145 to 8595. Volume declined to 1.43 billion shares on the NYSE, and 1.46 billion on the Nasdaq. Decliners led 20-12 on the NYSE, and 20-11 on the Nasdaq. Downside volume was 73% on the NYSE, and 84% on the Nasdaq. New highs-new lows were 116-22 on the NYSE, and 60-36 on the Nasdaq.

After the close, Foundry raised guidance.

During the day, Gateway , off 6.6%, and Pomeroy Computer , down 25%, fell on warnings, while Radware and Allen Telecom surged 10-12% after raising guidance.

StorageNetworks fell 18% on news of a reorganization.

Agere gained 9% on a deal with Samsung.

EDS rose 1.2% after naming a new CFO and defending its accounting.

Apple slipped 2% as the company struck a deal with Microsoft . The Macworld conference took a lively turn with the return of co-founder Steve Wozniak.

Dell , off 1.2%, is offering DSL service.

Amazon slipped 2.5% on a company conference presentation.

Palm , down 1.8%, announced a deal with FreeMarkets , which lost 5.4%.

Intel , down 3.9%, is preparing a wireless chipset.

Cablevision , off 4.2%, will spend $2 million to promote its high-speed Internet service.

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