Motorola delivered some hope for a market battered by interest rate fears when it reported blowout results after the close on Tuesday.
Motorola’s earnings of 18 cents a share crushed 7-cent estimates, and revenues of $8.6 billion came in way ahead of $6.75 million estimates. Motorola also hiked forward guidance well above estimates. The stock soared 20% after hours.
Also after the close, AskJeeves beat estimates but warned, WebEx
, Internet Security
and StorageTek
missed estimates, Sanmina
met estimates, and CheckFree
, Cymer
and Applied Micro
beat estimates.
Stocks plunged during the day after comments by Fed Chairman Alan Greenspan that banks are well positioned for higher interest rates were taken as a sign that the Fed may raise interest rates. Greenspan also said that deflation is no longer concern, signaling a likely policy shift by the Fed toward inflation.
The Nasdaq plunged 41 to 1978, the S&P 500 dropped 17 to 1118, and the Dow fell 123 to 10,314. Volume rose to 1.51 billion shares on the NYSE, and 1.93 billion on the Nasdaq. Decliners led 25-7 on the NYSE, and 22-9 on the Nasdaq. Downside volume was 80% on the NYSE, and 82% on the Nasdaq. New highs-new lows were 104-70 on the NYSE, and 120-34 on the Nasdaq.
Lucent tumbled 10% despite beating estimates.
Netopia plunged 37% after missing estimates.
j2 Global surged 14% after beating estimates.
JDA Software and Ameritrade
fell on their results, while Check Point
EarthLink
and SupportSoft
rose after beating estimates.
Cray gained 10% on an Army supercomputer deal.
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:
http://www.InternetStockReport.com.
