Motoroladelivered 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, AskJeevesbeat estimates but warned, WebEx, Internet Securityand StorageTekmissed estimates, Sanminamet estimates, and CheckFree, Cymerand Applied Microbeat 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.
Lucenttumbled 10% despite beating estimates.
Netopiaplunged 37% after missing estimates.
j2 Globalsurged 14% after beating estimates.
JDA Softwareand Ameritradefell on their results, while Check PointEarthLinkand SupportSoftrose after beating estimates.
Craygained 10% on an Army supercomputer deal.
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