Technology stocks took the lead once again Tuesday as the S&P 500 remained stalled just below its all-time closing high.
Intel was the Dow’s biggest winner, gaining 1.6% on news that it will spin off its flash memory business into a new venture with ST Micro
. The news benefited competitor Spansion
, sending its shares 10% higher.
Tech Data fell 4% after missing earnings estimates but topping sales forecasts.
Computer Sciences and Imation
gained after raising guidance.
Openwave climbed 7.3% on an unsolicited takeover offer, while ValueClick
once again edged higher on takeover speculation.
Black Box fell 7% on the departure of its CEO.
KongZhong plunged 26% on its results, and GigaMedia
lost ground on its earnings report.
The Nasdaq rose 9 to 2588, the S&P 500 slipped 1 to 1524, and the Dow shed 3 to 13,540. Volume declined to 2.86 billion shares on the NYSE, but rose to 2.03 billion on the Nasdaq. Advancing issues led by a 17-15 margin on the NYSE, and 19-11 on the Nasdaq. Upside volume was 49% on the NYSE, and 64% on the Nasdaq. New highs-new lows were 239-20 on the NYSE, and 195-48 on the Nasdaq.