QLogic Executes Where Emulex Falters

QLogic surged 5.7% Wednesday on better than expected results, just a week after host bus adapter competitor Emulex plunged 20% on a warning.

Even though QLogic remains one of the few tech companies still going strong – with 30% year-over-year revenue growth – CS FirstBoston demonstrated Wall Street’s newfound integrity by rating the stock Underperform based on valuation.

Also coming three years too late was Bank of America’s downgrade of Dell , Network Appliance and EMC based on valuation. NTAP suffered the most, falling 8.2%.

The broader market slipped on weaker than expected Chicago manufacturing data ahead of Thursday’s national ISM report, and comments by Fed Chairman Alan Greenspan that the timing of a recovery and a rebound in business confidence remain uncertain.

The Nasdaq lost 6 to 1464, the S&P 500 slipped 1 to 916, and the Dow declined 22 to 8480. Volume rose to 1.64 billion shares on the NYSE, but declined to 1.61 billion on the Nasdaq. Advancers led 19-13 on the NYSE, and 17-13 on the Nasdaq. Upside volume was 52% on the NYSE, and 38% on the Nasdaq. New highs-new lows were 132-15 on the NYSE, and 147-27 on the Nasdaq.

After the close, Adobe and FindWhat.com raised guidance. Macromedia and Akamai beat estimates, Newport matched estimates, and Cray missed estimates. Applied Materials named a new CEO, former Intel EVP and director of Sales and Marketing Michael Splinter.

During the day, United Online surged 8% on better than expected results.

RealNetworks and webMethods rose on their earnings reports, but JDS Uniphase , Maxim , Microstrategy and Neoware fell on their results.

Research In Motion gained 3.4% on a distribution deal in the Philippines.

IBM , off 0.9%, unveiled an Itanium 2 xSeries server.

Motorola lost 1.5% despite a network deal in Jordan.

AOL was unchanged on the departure of the company’s interactive marketing chief.

Microsoft lost 1% after joining the business portal fray.

Sun slipped 0.2% despite boosting the Solaris operating system past the terabyte barrier and unveiling security appliances.

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