Thursday was like a trip back to the 1970s for the stock market, as several economic reports showed inflation and unemployment rising and the economy stalling.
The Nasdaq slipped 3 to 1331, the S&P 500 lost 8 to 837, and the Dow fell 85 to 7914. Volume rose to 1.18 billion shares on the NYSE, and 1.34 billion on the Nasdaq. Decliners led 17-15 on the NYSE, but advancers led by a few issues on the Nasdaq. Downside volume was 66% on the NYSE, and 52% on the Nasdaq. New highs-new lows were 24-62 on the NYSE, and 58-76 on the Nasdaq.
After the close, BEA and Portal Software
topped estimates, while Serena
and JD Edwards
came in light on revenues.
During the day, Baby Bells Verizon , SBC
and BellSouth
were battered on a mixed FCC ruling.
Lucent , off 6.8%, named CEO Patricia Russo chairman, replacing Henry Schacht.
Intel , up 1.3%, is pushing chips to address IT needs. AMD
, Micron
and National Semi
announced cutbacks.
Microsoft , off 1.6%, is targeting academia.
Rambus surged 8.6% on reports of the demise of a competing DRAM consortium.
eResearch rose 7.8% to a new 52-week high.
Computer Sciences , off 1.5%, is offering anti-spam software.
Ciena slipped 2% on better than expected results but lower than expected revenue guidance. Nextel
rose 0.4% after beating estimates and raising guidance.
Agile and ADC Telecom
fell on their results, while Synopsis
rose on its earnings report.
And on the lawsuit front, music industry groups are claiming $17 billion in damages from Napster.
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