Techs Fall On HP Miss

Hewlett-Packard dragged stocks lower Wednesday after missing revenue estimates, and another day of rising international tensions didn’t help.

The Nasdaq fell 25 to 1303, the S&P 500 lost 11 to 827, and the Dow dropped 102 to 7806. Volume declined to 1.34 billion shares on the NYSE, and 1.21 billion on the Nasdaq. Decliners led 19-12 on the NYSE, and 19-12 on the Nasdaq. Downside volume was 65% on the NYSE, and 85% on the Nasdaq. New highs-new lows were 38-98 on the NYSE, and 54-81 on the Nasdaq.

Hewlett-Packard plunged 15.5% after missing revenue estimates, citing “weak commercial spending” in the U.S.

Semtech and Autodesk gained on their earnings reports, while Wind River and Netease.com fell on their results.

NextLevel dropped 8% after losing a legal round in its bid to block Motorola’s takeover bid.

Qualcomm lost 3.7% despite a CDMA deal with China Unicom.

Microsoft , off 2.4%, embraced P2P. IBM , off 2.1%, took a shot at Microsoft with its developerWorks Toolbox.

AOL , off 1.5%, launched a paid music service.

Sun , down 3.5%, unveiled its long-term server and software strategies.

Baby Bells SBC , Verizon and BellSouth promised more legal battles over last week’s FCC ruling.

Corio gained 3.7% after unveiling a software deployment solution.

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