Stocks Shake Off AMD Warning

A warning from AMD that it will miss Wall Street estimates sent its stock 10% lower on Friday, but the rest of the market hit fresh multi-year highs on stronger than expected December retail sales.

AMD’s news did little to dent the Nasdaq, which closed above 2500 for the first time since Feb. 15, 2001.

Apple lost ground on revelations of more stock option irregularities.

AsiaInfo gained 8% on a mobile e-mail deal with China Unicom, and Napster rose 8% on an exclusive deal with AOL.

Pacific Internet gained 10% on a takeover offer.

CalAmp and PDF Solutions fell on their results.

Cablevision shares slipped after the company’ founding family made its final offer to take the company private.

The Nasdaq rose 18 to 2402, the S&P 500 gained 7 to 1430, and the Dow rose 41 to 12,556. Volume declined to 2.75 billion shares on the NYSE, and 2.19 billion on the Nasdaq. Advancers led 21-10 on the NYSE, and 19-11 on the Nasdaq. Upside volume was 66% on the NYSE, and 69% on the Nasdaq. New highs-new lows were 228-19 on the NYSE, and 163-22 on the Nasdaq.

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