Red Hat, PalmOne Rock

At least PalmOne and Red Hat investors have something to smile about.

Shares of PalmOne soared 30% Tuesday after the company blew past analysts’ estimates with a 1-cent profit – 32 cents better than expected.

And shares of Red Hat surged 10% after the close Tuesday on in-line results, on top of a 6% gain during the day on a partnership with IBM. New enterprise Linux subscriptions of 87,000 were double what analysts expected.

Also after the close, PMC-Sierra raised guidance.

The broader market finished in the red again on Tuesday, but at least it was only by a few points this time.

The Nasdaq lost 8 to 1901, the S&P 500 slipped 1 to 1093, and the Dow closed down 1 to 10,063. Volume declined to 1.44 billion shares on the NYSE, and 1.84 billion on the Nasdaq. Advancers led 18-13 on the NYSE, and 16-15 on the Nasdaq. Upside volume was 52% on the NYSE, and 46% on the Nasdaq. New highs-new lows were 77-18 on the NYSE, and 54-30 on the Nasdaq.

Microsoft declined ahead of a European Union antitrust ruling due out on Wednesday.

Proxim plunged 24% after disclosing that its auditors question the company’s ability to survive independently.

Cincinnati Bell dropped 16% on a disappointing outlook.

Motorola gained 2% on new offerings.

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