The major stock market indexes didn’t move much on Friday, but a number of tech stocks made big moves.
RSA had its second straight 18% gain after EMC
paid more than expected to acquire the security company. EMC shares lost 2.5% on the day, but that was more than 8% off their lows.
CSC plunged 13% after the board of directors said it is no longer looking to sell the company.
Research in Motion gained 6% after beating estimates, while Palm
tumbled 14% on a warning.
Apple lost 3% on stock option irregularities.
Saba , Qiao Xing
and Airspan
took big hits on lower than expected results.
Onyx gained 5% on a takeover offer from CDC
.
The broader market rested Friday after Thursday’s big rally on hopes that the Federal Reserve may soon be done raising interest rates. The Dow led the way lower despite an 8% gain in shares of GM .
The Nasdaq slipped 2 to 2172, the S&P 500 gave back 2 to 1270, and the Dow fell 40 to 11,150. Volume rose to 3.05 billion shares on the NYSE, and 2.6 billion on the Nasdaq. Advancers led 22-10 on the NYSE, and 18-12 on the Nasdaq. Upside volume was 59% on the NYSE, and 52% on the Nasdaq. New highs-new lows were 119-80 on the NYSE, and 132-58 on the Nasdaq.
Note: The Technical Analysis column will return July 5; in the meantime, yesterday’s levels remain in force.