Technology earnings reports continued to roll in late Thursday, with Broadcomand McAfeebeating estimates and Gatewayshares falling after the company reported a 9% sales decline.
Broadcom and McAfee shares gained in late trading after the two companies reported double-digit sales growth that beat Wall Street expectations, but Gateway shares fell 11% after the company missed sales forecasts and reported lower gross margins but met profit expectations of 2 cents a share. BMClost ground after lowering its outlook.
Stocks fell during the day on concern about loan troubles at HSBCand New Century, but better than expected retail sales and strength in technology stocks helped pare early losses.
EMCshares surged on news that the company will spin off 10% of its VMware division in an IPO.
Alcatel Lucentrose ahead of its earnings report due out Friday morning.
EDS, Akamai, TeleTechand Sinagained on their results.
Spectralinksoared on a buyout offer from Polycom.
Syntax-Brillian, Riverbedand Isilonfell on their earnings reports.
Mellanoxand Switch and Datarose in their IPOs.
The Nasdaq slipped 2 to 2488, the S&P 500 lost 1 to 1448, and the Dow fell 29 to 12,637. Volume rose to 2.82 billion shares on the NYSE, but declined to 2.05 billion on the Nasdaq. Decliners led 16-15 on the NYSE, and 15-14 on the Nasdaq. Downside volume was 52% on the NYSE, and 52% on the Nasdaq. New highs-new lows were 306-22 on the NYSE, and 177-41 on the Nasdaq.