Stocks managed to close with slight gains Friday despite disappointing results from two of the Dow’s biggest names: IBM and GE
.
Investors continued to find fault with otherwise solid earnings reports, shaving 3% off IBM shares on concern about the company’s profit margins amid rising sales and acquisition expenses and higher services revenues. Margin concerns also cost GE shares 3% of their value.
But the broader market’s ability to withstand selling in two of its biggest names revealed an underlying strength.
JDS Uniphase was a standout, gaining 10% after raising guidance well above Wall Street estimates.
Motorola rose 3% on its results and a restructuring.
Easylink surged 24% on a buyout offer from Internet Commerce
.
Cree and Digi
fell on their results.
Xilinx rose despite lowering guidance.
The Nasdaq gained 8 to 2451, the S&P 500 added 4 to 1430, and the Dow slipped 2 to 12,565. Volume declined to 2.78 billion shares on the NYSE, and 2.09 billion on the Nasdaq. Advancers led 22-10 on the NYSE, and 18-11 on the Nasdaq. Upside volume was 70% on the NYSE, and 60% on the Nasdaq. New highs-new lows were 194-16 on the NYSE, and 75-57 on the Nasdaq.
