Novellusand Googlewere bright spots for stocks on an otherwise down day for Wall Street.
Novellus rose 3% after the chip equipment maker raised guidance, saying it now expects second-quarter earnings of 20 to 22 cents, ahead of analysts’ 19-cent estimates. The company expects sales to come in at $325-$330 million, also ahead of forecasts. The company cited consumer-driven strength in Japan for the good news.
Google gained 4% to $277.27 after Piper Jaffray raised its price target on the stock to $300, citing expansion into non-Internet search services.
The broader market fell on a big drop in Midwestern manufacturing and turmoil in currency markets following France’s rejection of the proposed EU constitution. An unexpected jump in consumer confidence and a Smith Barney tech sector upgrade were no help for stock market bulls.
The Nasdaq lost 7 to 2068, the S&P fell 7 to 1191, and the Dow tumbled 75 to 10,467. Volume rose to 1.84 billion shares on the NYSE, and 1.75 billion on the Nasdaq. Advancers held a slight edge on the NYSE, while decliners led 15-14 on the Nasdaq. Downside volume was 60% on the NYSE, and 57% on the Nasdaq. New highs-new lows were 134-23 on the NYSE, and 89-43 on the Nasdaq.
TD Waterhouseand Ameritraderose on news that the two are in merger talks.
Mamma.comlost 4.4% after the company reported a loss.
Tibcomanaged to finish unchanged despite warning.
CNETfell 5% on a negative mention in Barron’s.