Blue chip stocks rose Wednesday as U.S. warplanes began bombing Iraqi missile sites near the Kuwait border, but tech stocks were restrained on disappointing results from Oracle.
The Nasdaq slipped 3 to 1397, the S&P 500 gained 7 to 874, and the Dow rose 71 to 8265. Volume declined to 1.42 billion shares on the NYSE, but rose to 1.71 billion on the Nasdaq. Advancers led 17-14 on the NYSE, and 16-15 on the Nasdaq. Upside volume was 64% on the NYSE, but only 44% on the Nasdaq. New highs-new lows were 37-30 on the NYSE, and 64-40 on the Nasdaq.
After the close, 3Com missed loss estimates but beat revenue estimates, and Jabil
matched estimates.
During the day, Expedia rocketed 21% on news that USA Interactive
will acquire the rest of the company.
Oracle fell 7.7% after coming in light on license revenues and offering a wide range of guidance. Microchip
lost 9.4% on a warning.
priceline soared 31% on a deal with Travelweb.
Symantec fell 6% on a downgrade.
Sprint got a new CEO at last.
Cisco rose 0.1% on an IP telephony acquisition.
Motorola fell 5% after switching operating systems.
Microsoft edged up 1.1% despite a serious Windows flaw.
RedHat edged up 0.3% on a partnership with HP
, which climbed 1.3%.
Xerox was unchanged after unveiling a new print compression technology.
AT&T slipped 1.3% despite winning a deal with Air China.
Ted Turner, meanwhile, said he’d rather go back to one of his ex-wives than go through the AOL-Time Warner merger again. AOL stock slipped 0.7%.
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