Shares of IBMand Juniperlost ground Monday, even as the major indexes pushed to fresh 4 1/2-year highs.
J.P. Morgan sent Big Blue to a 1.4% loss on concerns about the company’s services and hardware sales. Goldman Sachs said it thought concern about IBM’s services business was overblown when it upgraded the stock last week. IBM will report fourth-quarter results Jan. 17.
Juniper slid 4.6% after Prudential downgraded the company while upgrading rival Cisco, which climbed 1.5% on the day.
Stocks continued their powerful start to 2006, with the Dow closing above 11,000 for the first time since May 2001. A Goldman Sachs upgrade of downtrodden GMhelped fuel the rally.
The Nasdaq rose 13 to 2318, the S&P 500 climbed 4 to 1290, and the Dow rose 52 to 11,011. Volume declined to 2.28 billion shares on the NYSE, and 2.03 billion on the Nasdaq. Advancers led 22-10 on the NYSE, and 18-12 on the Nasdaq. Upside volume was 64% on the NYSE, and 67% on the Nasdaq. New highs-new lows were 356-24 on the NYSE, and 263-24 on the Nasdaq.
Western Digitalgained 6% on a Deutsche Bank upgrade, which said the company may benefit from the Seagate/Maxtor merger.
LightPathsoared 156% on a deal with Ball Corp..
Amazonlost 1.7% on a J.P. Morgan downgrade.
Salesforce.comlost 3.3% on a Baird downgrade.