Tech stocks were roughed up Wednesday after Micron missed estimates by a wide margin, but Oracle and Palm offered some hope after the close.
The Nasdaq fell 31 to 1361, the S&P 500 lost 11 to 891, and the Dow dropped 88 to 8447. Volume rose to 1.39 billion shares on the NYSE, and 1.53 billion on the Nasdaq. Decliners led 21 to 11 on the NYSE, and 23 to 9 on the Nasdaq. Downside volume was 79% on the NYSE, and 86% on the Nasdaq. New highs-new lows were 28-54 on the NYSE, and 45-66 on the Nasdaq.
After the close, Oracle regained all of the day’s 3% loss on better than expected results. Palm
jumped on blow-out results. TIBCO
topped estimates, but Intersil
warned.
During the day, Micron plunged 23% after missing revenue estimates by 15% and earnings estimates by more than 30%.
Red Hat lost 6% despite posting its first-ever profit on a 15% increase in enterprise revenues, which account for 93% of the company’s total revenues.
Adobe fell 2.8% after losing a court battle.
University of Phoenix Online slipped 1% despite better than expected earnings.
Broadcom fell 6% on a downgrade.
Symmetricom rose 6.4% on a reorganization plan.
Tumbleweed surged 12% after settling a patent infringement suite.
Intel , which lost 4% on Micron’s disappointing earnings, announced WiFi investments.
Microsoft , off 1.5%, had a busy day, with Tablet PC production increases, a CRM suite delay, and joint Web services specifications with IBM
, which slipped 1.5%.
IBM scored a services contract with Deutsche Bank and formed a mobile applications partnership with Nokia , which lost 4.7%.
LivePerson gained 4.7% after raising guidance.
Sprint PCS , down 4.5%, will run Google content.
Terra Lycos , off 3%, exited a Japanese venture.
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