Sun Microsystems UBS analyst Benjamin Reitzes upgraded Sun shares Tuesday morning, saying the company could cut as many as 5,000 jobs in a major restructuring to be announced by July. A few hours later, Sun announced plans to hold a financial update late Wednesday, raising speculation that layoff announcements might come as soon as the Wednesday night conference call. Sun shares rose 3% Tuesday. Google The broader market was pummeled on a number of negative developments: disappointing sales at Wal-Mart The Nasdaq fell 45 to 2164, the S&P 500 lost 20 to 1259, and the Dow tumbled 184 to 11,094. Volume rose to 2.11 billion shares on the NYSE, and 1.76 billion on the Nasdaq. Decliners led 25-7 on the NYSE, and 23-7 on the Nasdaq. Downside volume was 88% on the NYSE, and 78% on the Nasdaq. New highs-new lows were 25-129 on the NYSE, and 61-76 on the Nasdaq. ADE CA AMD McAfee Covad dodged a sharp sell-off on Wall Street Tuesday on optimism that the company may soon announce significant layoffs.
, meanwhile, lost 2.5% ahead of its conference call with investors tomorrow.
, hawkish comments from a Federal Reserve official, a downgrade of GM
, falling consumer confidence and rising oil prices.
soared 24% on a sweetened offer from KLA-Tencor
.
fell 3% on a warning.
lost 3.6% on concern about second-quarter results.
lost ground on news that the company dismissed its general counsel over stock option concerns.
fell 11% on a warning.
Sun Dodges Downdraft
