Stocks began the month of February on an up note, posting modest gains on positive construction and manufacturing reports.
The Nasdaq gained 2 to 1323, the S&P 500 rose 4 to 860, and the Dow climbed 56 to 8109. Volume fell to 1.21 billion shares on the NYSE, and 1.26 billion on the Nasdaq. Advancers led 17-15 on the NYSE, but decliners led 17-14 on the Nasdaq. Upside volume was 56% on the NYSE, and 52% on the Nasdaq. New highs-new lows were 74-39 on the NYSE, and 60-67 on the Nasdaq.
After the close, HP and Solectron
announced a $1.4 billion deal.
During the day, Cisco gained 0.9% ahead of the company’s earnings report on Tuesday.
Ericsson fell 10% on a warning.
Conexant gained 11.6% after selling NetPlane Systems to Motorola
.
BellSouth gained 4.5% after it tried to block the move of vice chairman Gary Forsee to Sprint
. Westell
surged 26% on a deal with BellSouth.
24/7 Real Media gained 3.9% after selling its stake in iPromotions and changing its auditor.
EMC , off 0.5%, unveiled a new line of Symmetrix storage servers. BEA
gained 3% on new servers and other offerings.
HP , up 0.4%, announced a WiFi partnership.
AOL , off 0.9%, won support from IBM
for its Enterprise AIM Gateway.
Amazon , up 1.3%, remains the Internet’s biggest advertiser.
Rambus , off 7.6%, finally took a break after last week’s 100% gain.
Key3Media fell 61% after saying it would file for bankruptcy.
The IT industry got a shock when 20-year-old AVCOM announced it was ceasing operations.
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:
http://www.InternetStockReport.com.
