Motorola and AMD
beat estimates after the close on Tuesday, but investors appeared unimpressed.
AMD blew out 3-cent estimates with 9-cent earnings, and revenues of $1.21 billion topped $1.08 billion forecasts.
Motorola’s earnings of 17 cents a share topped estimates by 4 cents, and revenues of $8 billion beat $7.73 billion estimates.
Despite the strong results, shares of both companies slipped after hours.
Also in a very busy after hours session, PMC-Sierra raised guidance; Checkfree
, Drugstore.com
, Sanmina
, Netopia
and SupportSoft
beat estimates; Applied Micro
, Hutchinson
and JDA Software
met estimates, and RF Micro
and Seagate
warned.
Also, Sonus delayed its earnings report, and Looksmart
raised guidance but reported the departure of its CEO.
During the day, tech stocks continued to power higher, but the Dow fell on reports from 3M and United Technologies
that weren’t everything investors had hoped for.
The Nasdaq rose 7 to 2147, the S&P 500 slipped 1 to 1138, and the Dow lost 71 to 10,528. Volume declined to 1.77 billion shares on the NYSE, and 2.59 billion on the Nasdaq. Advancers led 20-12 on the NYSE, and 21-10 on the Nasdaq. Upside volume was 65% on the NYSE, and 66% on the Nasdaq. New highs-new lows were 558-3 on the NYSE, and 584-6 on the Nasdaq.
Microsoft gained 1% ahead of its earnings report, due out after the close on Thursday. Analysts are looking for a 15% increase in earnings to 30 cents a share.
AT&T Wireless rose on news of a possible bidding war for the company, and JDS Uniphase
surged 10% on takeover rumors.
Macromedia gained 6% on new products.
Ameritrade soared 16% after beating estimates.
GRIC climbed 8% on a WiFi deal with Japan Telecom.
1-800-Flowers.com rose 5% on in-line results, while Unisys
and AsiaInfo
fell after meeting estimates.
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