Comments by the U.S. that Iraq is in “material breach” of the UN disarmament resolution raised war fears on Thursday.
The Nasdaq fell 7 to 1354, the S&P 500 lost 6 to 884, and the Dow dropped 82 to 8364. Volume declined to 1.36 billion shares on the NYSE, but rose to 1.66 billion on the Nasdaq. Decliners led 17 to 14 on the NYSE, and 18 to 14 on the Nasdaq. Downside volume was 70% on the NYSE, and 63% on the Nasdaq. New highs-new lows were 33-57 on the NYSE, and 42-77 on the Nasdaq.
After the close, Research In Motion , Cognos
, Manugistics
, 3Com
and Paychex
beat estimates, but Photon Dynamics
plunged on a warning.
During the day, Oracle gained 3.5% on better than expected results. The company also raised guidance slightly.
Palm fell 6.6% after reporting blow-out results, but issuing a revenue warning.
Intersil fell 7% on a warning, blaming a slowdown in wireless networking orders.
Precise Software rocketed 37% on news that it will be acquired by Veritas
, which lost 5%.
DoubleClick rose 1.6% on a report that showed an uptick in online advertising in the third quarter.
USA Interactive slipped 0.5% on news that it will acquire uDate.com for $150 million.
TIBCO lost 1.4% despite topping estimates. Jabil
slipped 0.2% after matching estimates.
Verizon and Cablevision
were nearing a $700 million deal on wireless licenses.
Nokia , off 2.5%, signed a $100 million GSM deal in China.
Microsoft , off 0.8%, acknowledged a Windows XP vulnerability from digital music formats.
IBM , Sun
and Dell
announced plans to move forward with InfiniBand technology.
AMD , off 0.3%, is pushing ahead with several new products.
HP , off 0.1%, unveiled an entry-level storage product.
Commerce One , down 5.4%, is selling the CommerceOne.net marketplace.
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