Stocks surged Thursday on better than expected retail sales, IBM’s 2003 forecast and Intel’s stock buyback, but Dell’s earnings received a thumbs down after the bell.
The Nasdaq soared 50 to 1411, the S&P 500 surged 21 to 904, and the Dow rose 143 to 8542. Volume rose to 1.5 billion shares on the NYSE, but declined to 1.75 billion on the Nasdaq. Advancers led 23 to 8 on the NYSE, and 22 to 10 on the Nasdaq. Upside volume was 85% on the NYSE, and 84% on the Nasdaq. New highs-new lows were 31-36 on the NYSE, and 55-43 on the Nasdaq.
After the close, Dell gave up most of the day’s 3% gain after matching estimates and reaffirming guidance, but traders were apparently looking for more. The company said demand appears to have stabilized. BEA Systems
beat estimates, and Wind River
warned.
During the day, Intel surged 6% on news of a stock buyback. Intel also released its latest Pentium chip.
IBM rose 1.7% after affirming 2003 estimates. The company also unveiled another aspect of its on-demand computing initiative.
Intuit fell 7% despite better than expected results, while Applied Materials
gained 7% despite warning.
HP and Oracle
got a boost from HP’s presentation at the OracleWorld conference.
AMD announced layoffs, as did Sprint PCS
.
Yahoo , up 8%, hopes to increase pay service use with a new premium e-mail package.
Veritas , up 8.6%, sold a division to Sonic Solutions.
Schwab and Micron
surged on upgrades.
China Telecom slipped on its first day of trading.
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