Stocks ended the day little changed Wednesday despite wide swings during the day.
Stocks fell early on a lukewarm assessment of the economy by Fed Chairman Alan Greenspan, but later rebounded after Iraq accepted the UN disarmament resolution.
The Nasdaq climbed 11 to 1361, the S&P 500 slipped fractionally to 882, and the Dow added 12 to 8398. Volume rose to 1.45 billion shares on the NYSE, and 1.9 billion on the Nasdaq. Decliners led 15 to 16 on the NYSE, while advancers led by a few issues on the Nasdaq. Upside volume was 50% on the NYSE, and 72% on the Nasdaq. New highs-new lows were 20-55 on the NYSE, and 28-51 on the Nasdaq.
After the close, IBM affirmed 2003 estimates. Intuit
beat estimates, and Applied Materials
came in light on revenues and warned.
During the day, IBM edged higher on news of a $5 billion outsourcing deal with JP Morgan.
InterTrust soared 26% on news that it is being acquired by Sony
and Philips
.
Expedia fell 6.5% on the federal government’s decision not to regulate online ticket sales.
The merger of AT&T and Comcast
was approved by the FCC.
Network Appliance and Sycamore
rose after matching estimates.
Check Point gained 7% on a positive conference presentation.
Amazon.com hit a new 52-week high.
TiVo surged 21% on a licensing deal with Toshiba.
Cable & Wireless plunged 35% on news of a dramatic restructuring.
Qualcomm , up 2%, is in talks with Hong Kong and Taiwan.
Microsoft rose as its enterprise IM battle with AOL
heated up.
Inktomi exited the enterprise search business, a move the company said would make it cash-flow positive.
iVillage fell 10% on disappointing results.
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