Worries about a possible hard drive price war and lukewarm guidance from Adobe Adobe beat Wall Street estimates after the close on Thursday, but investors sent the stock 3.3% lower Friday after the company’s third-quarter guidance was a little light of expectations.
Seagate The broader market posted solid gains in Friday’s trading session, but the Nasdaq added just a point.
The Nasdaq climbed 1 to 2090, the S&P rose 6 to 1216, and the Dow gained 44 to 10,623. Volume soared to 2.4 billion shares on the NYSE, and 2.1 billion on the Nasdaq. Advancers led 20-12 on the NYSE, while decliners led 15-14 on the Nasdaq. Upside volume was 68% on the NYSE, and 53% on the Nasdaq. New highs-new lows were 337-18 on the NYSE, and 144-41 on the Nasdaq.
Internet Initiative Japan RF Monolithics Synopsis limited tech stock gains on Friday.
, meanwhile, fell 6.4% after Merrill Lynch said its channel checks indicate that a hard drive price war started last week, with average selling prices falling 5-10%. Maxtor
, Western Digital
and Komag
also fell sharply on the research report. Standard and Poor’s and Piper Jaffray were skeptical of Merrill’s analysis and called the selloff a buying opportunity.
fell 33% after the company failed to attract enough investors to list on the Tokyo Stock Exchange.
and California Micro
fell on their results.
lost 7% after getting hit with a $477 million back tax bill.
