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, Amazonbeat estimates and raised revenue guidance. Broadcom’sCEO resigned, and the company beat estimates. Emulex, KLA-Tencor, Nortel, VeriSign, Genesis Microchip, AskJeeves, Varian, Hyperionand Western Digitalalso topped estimates. UTStarcomand Aribamissed earnings estimates but beat revenue estimates. Microchipmissed revenue estimates.
During the day, AT&Tand BellSouthplunged 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, F5and CDW Computerall gained on their earnings reports.
Nokia, Network Associates, Tellabsand SanDiskfell 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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