Micron Technology capped another rough day on Wall Street Tuesday with better than expected results after the close.
Micron earned 17 cents a share in the quarter on $1.31 billion in revenues, reversing a year-ago loss and beating analysts’ estimates of 14-cent earnings and $1.22 billion in sales. Lower average selling prices hit gross margins, but the numbers were good enough to send shares of Micron 3% higher in late trading and offer some hope for the battered tech sector.
Stocks ended the day sharply lower after another early rally faded on growth and inflation concerns.
The Nasdaq fell 18 to 1973, the S&P 500 lost 8 to 1165, and the Dow tumbled 79 to 10,405. Volume soared to 2.2 billion shares on the NYSE, and 1.84 billion on the Nasdaq. Decliners led 22-10 on the NYSE, and 22-8 on the Nasdaq. Downside volume was 75% on the NYSE, and 76% on the Nasdaq. New highs-new lows were 25-90 on the NYSE, and 44-132 on the Nasdaq.
Two big names bucked the downtrend on some big news.
HP soared 10% on a new CEO. NCR
plunged 17% on news that it will lose its CEO to HP.
MCI rose 3.7% after Verizon
upped its offer for the company.
Red Envelope plunged 27% on a warning and the resignation of its CEO.
NetIQ climbed 4% on the sale of its WebTrends unit.
Transmeta tumbled 21% on its results.