Stocks were mixed in midday trading on Friday, which was something of a victory for bulls after disappointing earnings and economic reports.
Tech Data managed to eke out a small gain despite starting the day out 7% lower on earnings and guidance that were below Wall Street estimates. Computer Associates
didn’t fare as well, however, falling nearly 3% on disappointing sales and guidance.
The broader market treaded water after reports showed that consumer confidence continues to fall and consumer spending rose less than expected. Tame inflation provided some support, however.
At noon Eastern Time, the Dow was off 7 to 10,529, the Nasdaq was down 1 to 2070, and the S&P slipped a point to 1196. Volume was light in pre-holiday trading.
51Job climbed 7% on a share buyback.
Credence surged 13% on its results, and TiVo
added 3% on a penny a share loss, 10 cents better than expected.
Cellstar plunged 38% after the wireless distributor said it expects to be de-listed from the Nasdaq for delaying filing its 2004 10-K while the company addresses accounting issues.
Ditech tumbled 37% after the telecom equipment company warned that sales will be well below estimates.
