JDS Uniphase and ADC Telecom
lost ground on disappointing sales forecasts Wednesday.
ADC lost 7% after reporting better than expected quarterly results but issuing a sales forecast that was below estimates, likely due to delayed orders at big customers like BellSouth , which is merging with AT&T
.
After the close, JDSU shares tumbled 16% after the company met estimates but warned that current quarter sales will come in below $332.6 million forecasts, as telecom consolidation and bulging inventories appears to hit that company too.
Other movers in Wednesday’s trading session included VA Software , Sycamore
and LightPath
, which fell on their results. Versant
, Micros
and Sigma Designs
soared on their earnings reports.
Travelzoo and Priceline
fell on downgrades, while InterVoice
jumped on an upgrade.
Emulex and Rackable Systems
each gained on acquisitions.
Google and Apple
both gained on news that Google CEO Eric Schmidt was elected to Apple’s board.
Stocks posted modest gains after second-quarter GDP was revised from 2.5% to 2.9%, but rising oil prices on a developing hurricane capped gains. Thursday will see personal income and spending and a speech by Fed Chairman Ben Bernanke, while Friday will bring the Labor Department’s monthly jobs report.
The Nasdaq rose 13 to 2185, the S&P 500 was unchanged at 1304, and the Dow gained 13 to 11,383. Volume declined to 1.98 billion shares on the NYSE, but rose to 1.7 billion on the Nasdaq. Advancers led 20-12 on the NYSE, and 18-11 on the Nasdaq. Upside volume was 60% on the NYSE, and 74% on the Nasdaq. New highs-new lows were 210-23 on the NYSE, and 116-36 on the Nasdaq.
