Strong results from HP got stocks off to a rousing start on Wednesday, but the market gave up all its gains by the close on escalating violence in Iraq.
HP gained 4% on better than expected results and guidance. At their highs, the major indices were up 1-2%, but the rally unraveled on reports that a U.S. helicopter had accidentally fired into an Iraqi wedding party, killing more than 40.
Also contributing to the volatility were rising oil prices and options trading ahead of expiry Friday.
The Nasdaq finished up fractionally to 1898, the S&P 500 lost 2 to 1088, and the Dow fell 30 to 9937. Volume rose to 1.55 billion shares on the NYSE, and 1.83 billion on the Nasdaq. Advancers led 17-15 on the NYSE, and 16-14 on the Nasdaq. Upside volume was 52% on the NYSE, and 57% on the Nasdaq. New highs-new lows were 22-44 on the NYSE, and 81-42 on the Nasdaq.
After the close, Intuit warned. Synopsis
and Credence
beat estimates, and Brocade
and ADC Telecom
met estimates.
During the day, Applied Materials , Network Appliance
and AutoDesk
all fell on their earnings reports.
AMD gained 4% on a big move into China.
Ciena gained 5% after announcing layoffs.
Intel slipped after its shareholders asked the company to expense options.
IBM gained 1% at the start of its analyst meeting.
SBC lost ground on news that it faces a four-day strike.
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