Investors were in a selling mood on Thursday, as they ignored better than expected earnings news from Merck and AMD and a drop in jobless claims and focused instead on disappointing November retail sales.
The Nasdaq fell 19 to 1410, the S&P 500 lost 11 to 906, and the Dow dropped 114 to 8623. Volume fell to 1.24 billion shares on the NYSE, and 1.46 billion on the Nasdaq. Decliners led 19 to 13 on the NYSE, and 19 to 12 on the Nasdaq. Downside volume was 71% on the NYSE, and 70% on the Nasdaq. New highs-new lows were 23-17 on the NYSE, and 65-22 on the Nasdaq.
After the close, Intel edged higher after raising revenue guidance to the high end of the range, but the company’s gross margin guidance came in at the low end of estimates. eResearch
also boosted guidance.
During the day, AMD rose 5% after raising guidance.
Intel , IBM
and AT&T
made a bet on wireless Internet access. IBM slipped despite saying that the stock market rally will make it possible to cover its pension shortfall this year.
Overture gained 6% after scoring a deal with CNN.
Netflix surged 10% after raising guidance, while Altera
slipped despite reaffirming guidance, and Synopsis
fell after missing and warning.
Gateway and Corning
fell on negative outlooks.
Microsoft , off 2.1%, continued to be weighed down by its court battle with Sun
. Microsoft also issued new small business software and patched yet more vulnerabilities.
VeriSign gained 4.3% on a new security offering for software sales over the Internet.
Research In Motion , up 1.6%, debuted a 3G Blackberry.
AOL , up 1.2%, unveiled a 9.0 prototype that raises IM’s prominence.
Broadcom , off 1.2%, extended its agreement with Motorola
.
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