Nortel Rocks, But Not Much Else

Nortel soared 19% Friday after posting blow-out earnings, but the rest of the market was left behind.

Nortel’s numbers brought gushing praise from analysts, and sent telecom equipment and networking stocks higher on the day.

The only laggard of note was Cisco , which reports after the close on Tuesday. But with Nortel and Juniper posting break-out quarters, Cisco may not be left behind for long.

The broader market slipped on a weaker than expected fourth-quarter GDP reading.

The Nasdaq lost 2 to 2066, the S&P 500 slipped 2 to 1131, and the Dow fell 22 to 10,488. Volume declined to 1.64 billion shares on the NYSE, and 1.94 billion on the Nasdaq. Advancers led 17-15 on the NYSE, and 16-14 on the Nasdaq. Upside volume was 53% on the NYSE, and 50% on the Nasdaq. New highs-new lows were 140-5 on the NYSE, and 129-5 on the Nasdaq.

Gateway surged 15% on an acquisition and in-line results.

CNET soared 32% on its earnings, and Adobe , Varian and Microstrategy also rose on earnings news.

PeopleSoft , VeriSign , Advent , Digital Insight , Avid and RealNetworks fell on their results.

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