Disappointing guidance from Tech Data and the latest controversy at Google
kept tech stocks from closing in the green on Wednesday.
Shares of Tech Data fell 11% after the company posted fourth-quarter earnings and sales that beat Wall Street estimates, but then warned that first quarter results will come in below forecasts.
The IT distribution company’s earnings of 72 cents a share were a nickel better than expected, and sales of $5.53 billion were also better than expected.
But the company’s first-quarter forecast of 28-34 cent earnings on sales of $4.85-$4.95 billion was well below expectations.
Google, meanwhile, fell 3% after a couple of gaffes from its analyst meeting last week had investors questioning the company’s judgment.
Blue chip stocks posted modest gains Wednesday, helped by falling oil prices and interest rates.
The Nasdaq slipped 1 to 2267, the S&P 500 added 2 to 1278, and the Dow gained 25 to 11,005. Volume rose to 2.44 billion shares on the NYSE, and 2.14 billion on the Nasdaq. Decliners led 16-15 on the NYSE, and 15-14 on the Nasdaq. Upside volume was 52% on the NYSE, and 46% on the Nasdaq. New highs-new lows were 73-62 on the NYSE, and 76-63 on the Nasdaq.
Lexar soared 24% on a buyout offer from Micron
.
Covansys gained 8% on its results, and Lattice Semi
climbed 8% after reaffirming guidance.
The NYSE surged 24% in its debut as a public company.
