HP sent stocks soaring Thursday on better than expected results. Better than expected economic reports also helped, and traders even shook off a warning from GE.
The Nasdaq soared 48 to 1467, the S&P 500 rose 19 to 933, and the Dow surged 222 to 8845. Volume soared to 2 billion shares on the NYSE, and 2.41 billion on the Nasdaq. Advancers led 22 to 10 on the NYSE, and 22 to 10 on the Nasdaq. Upside volume was 81% on the NYSE, and 89% on the Nasdaq. New highs-new lows were 48-24 on the NYSE, and 91-35 on the Nasdaq.
After the close, Brocade gave up all of the day’s 14% gain and then some on a warning and news of the departure of President Michael Byrd. Autodesk
, Agile
, TiVo
, Serena
, Marvell
and Novell
all beat estimates, and Flextronics
maintained guidance. The semi equipment book-to-bill ratio came in much lower than expected.
During the day, HP soared 13% after beating estimates and reaffirming guidance, even though the company said it doesn’t see improvement in IT spending. The company said it will provide more detailed guidance at its Dec. 3-4 analyst meeting. Dell
, under pressure since last week’s earnings report, reversed an early gain and closed down 1%. Meta Group said PC sales are expected to pick up next year.
New 52-week highs included Hotels.com , United Online
, Sina.com
, Symantec
and SanDisk
.
Intel , up 5.5%, is building an InfiniBand cluster testbed at Los Alamos.
Microsoft , up 2%, is doing battle with Sun
, up 4%, over an open source office suite. Microsoft also patched six new IE holes.
IBM , up 4%, released new database software.
USA Interactive , up 5.5%, made a $370 million e-coupon acquisition.
ARM and M-Systems
surged on a smart card deal.
ValueClick , off 1%, bought out DoubleClick’s
stake. DoubleClick surged 8.5%.
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