Stocks overcame weak earnings from AT&T and BellSouth to end a five-day losing streak, propelled higher by better than expected earnings from technology companies.
The Nasdaq gained 28 to 1388, the S&P 500 rose 8 to 887, and the Dow added 50 to 8369. Volume rose to 1.7 billion shares on the NYSE, and 1.57 billion on the Nasdaq. Advancers led 20-12 on the NYSE, and 18-13 on the Nasdaq. Upside volume was 66% on the NYSE, and 80% on the Nasdaq. New highs-new lows were 80-53 on the NYSE, and 65-46 on the Nasdaq.
After the close, Amazon beat estimates and raised revenue guidance. Broadcom’s
CEO resigned, and the company beat estimates. Emulex
, KLA-Tencor
, Nortel
, VeriSign
, Genesis Microchip
, AskJeeves
, Varian
, Hyperion
and Western Digital
also topped estimates. UTStarcom
and Ariba
missed earnings estimates but beat revenue estimates. Microchip
missed revenue estimates.
During the day, AT&T and BellSouth
plunged on disappointing earnings reports.
But most tech earnings reports were better than investors had feared. EMC , Qualcomm
, NetScreen
, Texas Instruments
, PeopleSoft
, CheckPoint
, Siebel
, Citrix
, Mercury Interactive
, Storage Tech
, Silicon Labs
, Computer Associates
, F5
and CDW Computer
all gained on their earnings reports.
Nokia , Network Associates
, Tellabs
and SanDisk
fell on their earnings reports.
Microsoft , up 2.5%, appealed a judge’s Java ruling and announced more critical flaws.
IBM , up 1.7%, said its Linux business is profitable. SCO Group
, meanwhile, is weighing legal action against some corporate Linux users.
Cisco , up 4.6%, sued China’s largest telecom equipment company.
Register.com , up 0.4%, received another buyout offer.
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