The stock market managed a small gain on Wednesday despite gloomy comments from Intel and a warning from Kimberly-Clark.
The Nasdaq gained 5 to 1396, the S&P 500 rose half a point to 904, and the Dow added 14 to 8589. Volume rose slightly to 1.27 billion shares on the NYSE, but declined to 1.42 billion on the Nasdaq. Advancers led 17 to 14 on the NYSE, and by a few issues on the Nasdaq. Upside volume was 49% on the NYSE, and 53% on the Nasdaq. New highs-new lows were 40-22 on the NYSE, and 36-37 on the Nasdaq.
Intel managed a slight gain despite comments by Chairman Andy Grove that there is little growth in sales and it’s too soon to call an upturn.
Seagate’s return to the stock market was coolly received, pricing at $12, below the $13-$15 offer range, and closing at $11.50.
WiFi pure plays Intersil and GRIC
rose on news that the FCC may double the available WiFi spectrum.
Palm gained 4% on a deal with China’s Legend Group. Agilent
also announced a venture in China.
EDS surged 10% on news of possible contract wins.
Cabot Micro fell 5% on a downgrade. CDW Computer
eked out a gain despite warning. Analogic
rose 7% after beating estimates, while West Corp.
lost 5% on a warning.
Digitas surged 19% on a reorganization and news of the departure of COO Michael Ward.
Rational edged higher on rumors that Microsoft
may try to outbid IBM for the company.
Amazon , up 1.2%, benefited from news of the industry’s first-ever $2 billion sales week.
Sprint fell 4% on news of more layoffs.
AOL , down 0.7%, may have to pay up to offer broadband service.
EMC , up 1%, is targeting the midrange market.
VeriSign , up 2.5%, unveiled open source security offerings.
HP , off 2.4%, announced a Linux cluster alliance.
Corel , down 2%, upgraded its XML platform, while Novell
, off 4%, unveiled a Web services offering.
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