IBM Meets Estimates

IBM became the latest tech giant to fail to wow Wall Street after the close on Thursday.

Big Blue’s earnings of 93 cents a share met estimates, and revenues of $22.25 billion came in ahead of $21.93 billion estimates. The company also reaffirmed full-year guidance. Services contracts of $10 billion came in under $11 billion estimates, however, and the stock fell 3% after hours.

Also after the close, Sun missed estimates, Avid , Siebel , Cree , CDW and PMC-Sierra beat estimates, Netflix met estimates, and McData and DoubleClick warned.

Stocks were mixed during the day, as inflation and terrorism concerns continued to outweigh strong earnings and economic reports.

The Nasdaq fell 22 to 2002, the S&P 500 was unchanged at 1128, and the Dow rose 19 to 10,397. Volume rose to 1.57 billion shares on the NYSE, and 1.98 billion on the Nasdaq. Decliners led 17-16 on the NYSE, and 19-12 on the Nasdaq. Downside volume was 51% on the NYSE, and 75% on the Nasdaq. New highs-new lows were 68-129 on the NYSE, and 64-31 on the Nasdaq.

Apple Computer was the day’s star, soaring 10% on blowout results.

But otherwise, investors were in a mood to sell tech earnings. AMD , Texas Instruments , Rambus , SanDisk , Extreme , Lam Research , CNET , Fairchild , Cypress and Redback all fell on their results.

EMC also declined despite better than expected earnings.

Interland surged 14% on its results.

Cisco lost 2% on worries about its business.

RealNetworks gained 4% on hopes for an alliance with Apple.

Amazon edged higher on a new search offering and a debt upgrade.

Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:

http://www.InternetStockReport.com.