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.
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:
http://www.InternetStockReport.com.
