A mixed UN report on Iraq’s disarmament efforts and a strong response by the U.S. sent stocks to another losing day on Monday.
The Nasdaq lost 16 to 1325, the S&P 500 fell 13 to 847, and the Dow dropped 141 to 7989. Volume declined to 1.43 billion shares on the NYSE, and 1.44 billion on the Nasdaq. Decliners led 25-7 on the NYSE, and 23-10 on the Nasdaq. Downside volume was 89% on the NYSE, and 75% on the Nasdaq. New highs-new lows were 58-118 on the NYSE, and 46-102 on the Nasdaq.
After the close, Kronos beat estimates, and Powerwave
, Vitesse
and Overstock.com
matched estimates.
During the day, Baby Bells Verizon , SBC
and BellSouth
gained in anticipation of an FCC broadband ruling.
IBM , down 0.7%, announced a broad push into commercial Grid computing.
Borland Software , down 3.3%, licensed Microsoft’s .NET framework. Microsoft
, off 1.4%, announced a Six Sigma solution.
Microtune fell 20% after being sued by Broadcom
, which lost 6.2%.
i2 plunged 27% on its earnings report.
Oracle gained 1.4% on a positive mention in Barron’s.
HP , down 2%, unveiled networking tools.
Palm , off 0.9%, said PalmOS is maintaining market share.
BEA , down 4.1%, unveiled a free service to combine XML and Java.
Overland Storage , off 2%, updated its storage resource management software.
Note: The market commentary has moved: The Technical Analysis is now a separate article. Please go directly to the InternetStockReport.com home page at:
http://www.InternetStockReport.com.