Micron, Red Hat Sales Disappoint

Micron Technology and Red Hat missed Wall Street revenue estimates after the close on Wednesday.

Shares of Micron were unchanged after hours after the company beat earnings estimates by two cents per share with 23-cent earnings. But revenues of $1.26 billion, up 6% year-over-year, missed $1.31 billion forecasts. Average selling prices were flat from the previous quarter, the company said.

Red Hat shares fell 4% after the company reported in-line earnings of 6 cents per share. Sales surged 55% to $50.9 million, but that was less than the $51.5 million that analysts were looking for.

Also after the close, Tibco beat earnings and revenue estimates, while PalmSource fell on a warning.

Stocks extended their gains during the day on a big drop in oil prices.

The Nasdaq climbed 6 to 2157, the S&P 500 rose 4 to 1209, and the Dow gained 56 to 10,815. Volume declined to 1.39 billion shares on the NYSE, and 1.83 billion on the Nasdaq. Advancers led 19-13 on the NYSE, and 17-14 on the Nasdaq. Upside volume was 64% on the NYSE, and 62% on the Nasdaq. New highs-new lows were 381-4 on the NYSE, and 163-10 on the Nasdaq.

Microsoft slipped after a court upheld EU penalties against the software giant.

Research in Motion fell 4% on mixed guidance.

Cognos , Solectron and Manugistics fell on their results.

Paychex and InterVoice gained on their results.

Airspan and PlanetOut rose on upgrades, while TTM fell 8% on a downgrade.

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