Symantecand QLogictried to do their part to keep a stock market rally going by posting better than expected results after the close on Wednesday.
Symantec’s pro forma earnings of 25 cents a share and revenues of $713 million topped analysts’ forecasts, and forward guidance was also better than expected. But the stock slipped after hours, as investors remain focused on the company’s proposed merger with Veritasand looming competition from Microsoft.
QLogic reported a big jump in earnings to 50 cents a share, and revenues of $157.2 million also beat forecasts. But the host bus adapter vendor’s forward guidance was below analysts’ estimates, sending the stock lower after hours.
Also after the close, IBMannounced a massive restructuring. RealNetworksand ValueClickbeat estimates.
Stocks soared during the day on a big investment in GMand comments from the Federal Reserve that the long-term inflation picture remains tame.
The Nasdaq rose 29 to 1962, the S&P 500 gained 14 to 1175, and the Dow surged 127 to 10,384. Volume rose to 2.32 billion shares on the NYSE, and 1.95 billion on the Nasdaq. Advancers led 25-7 on the NYSE, and 20-9 on the Nasdaq. Upside volume was 86% on the NYSE, and 78% on the Nasdaq. New highs-new lows were 76-30 on the NYSE, and 51-103 on the Nasdaq.
United Onlinesoared 35% after the company beat estimates and initiated a 9% quarterly dividend.
Jupitermediasurged 21% on its results, and InterActiveCorp, Veritas, Register.comand Macromediaclimbed on their quarterly reports.
Symbol Techfell 15% after the company missed estimates.