beat estimates and raised guidance after the close on Thursday, but investors fretted about a huge increase in stock-based compensation.
Earnings of 34 cents a share beat 30-cent estimates, and revenues of $10.15 billion exceeded $9.74 billion forecasts. Microsoft also raised quarterly and full-year guidance above forecasts, but investors focused instead on the huge expansion in stock-based compensation that shaved 20 cents a share off net income, sending the stock lower after hours.
Also after the close, Scientific Atlanta
, Genesis Microchip
all beat estimates.
During the day, tech stocks again fell victim to profit-taking.
The Nasdaq lost 23 to 2119, the S&P 500 slipped 3 to 1143, and the Dow was down less than a point to 10,623. Volume declined to 1.69 billion shares on the NYSE, and 2.36 billion on the Nasdaq. Advancers led 17-15 on the NYSE, while decliners led 20-11 on the Nasdaq. Downside volume was 59% on the NYSE, and 70% on the Nasdaq. New highs-new lows were 517-1 on the NYSE, and 301-7 on the Nasdaq.
surged 8% to a new all-time high on better than expected results and guidance.
tumbled on weak capital spending guidance from AT&T
soared on their results, and Symantec
rose on their reports.
, Check Point
declined on their reports.
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