IBM and Intel rose after hours on Tuesday after meeting lowered expectations.
During the day, the ISDEX http://www.wsrn.com/apps/ISDEX/ rose 5 to 151, and the Nasdaq climbed 25 to 1722. The S&P 500 rose 7 to 1097, and the Dow added 36 to 9384. Volume rose to 1.21 billion shares on the NYSE, and 1.83 billion on the Nasdaq. Advancers led by 19 to 11 on the NYSE, and 21 to 14 on the Nasdaq. For earnings reports, visit our earnings calendar at http://www.wsrn.com/apps/earnings/internet.xpl and reported earnings at http://www.wsrn.com/apps/earnings/ireported.xpl. For after hours quotes and news, visit our after hours trading site at http://www.afterhourstrading.com.
After the close, IBM surged 4% after topping lowered estimates by a penny and missing revenue estimates, and reaffirming fourth-quarter estimates. Intel
rose 2% even though the company said it expects that the fourth quarter won’t be as strong as hoped.
Also after the close, RealNetworks , Rambus
, RF Micro Devices
, and Mercury Interactive
topped estimates; Veritas
and i2
matched estimates; and Advent
missed.
During the day, traders ignored news that industrial production fell for the 12th straight month, the longest such decline since the end of World War II. An anthrax scare on the London stock exchange briefly unnerved investors.
Novellus rose .90 to 32.54 despite warning.
Embarcadero slipped .18 to 13.22 despite matching estimates.
Comverse fell .62 to 19.77 after Bank of America slashed estimates on the firm.
Broadwing plunged 3.83 to 11.50 on weak broadband sales.
OSI soared 3.59 to 14.09 after the airport security firm preannounced better-than-expected results.
Instinet rose .64 to 10.14 after beating estimates.
Some technical comments on the market: Note: We include charts in the technical market commentary. If you can’t get the charts via the e-mail newsletter version, try this link: http://www.afterhourstrading.com/column.html
After clinging to life support for the last few days, the market looks like it could pop higher tomorrow. The Dow and S&P barely held on to their uptrend lines today – and in the process, formed bullish ascending triangles. A move above 9442 on the Dow could carry the index to 9600-9700, and a break above 1102 on the S&P could carry the index to 1125-1130. Critical support for tomorrow is about 9350-9400 on the Dow, and about 1090-1095 on the S&P. The Nasdaq could be forming a bearish rising wedge here. Resistance is at 1740-1750 for tomorrow (the 50-day moving average is at 1747), and first support is 1700 and critical support is about 1650. Click on the links to see those charts.
Special report: For a free introduction to technical chart patterns and an overview of last year’s action in the stock market, visit http://www.internetstockreport.com/guest/article/0,1785,2571_500051,00.html.
