Tech stocks rose Friday on better than expected results from Adobe, but blue chips fell on a warning from Honeywell.
Retail sales came in better than expected, but consumer confidence fell once again, and Lucent issued another warning.
The Nasdaq rose 11 to 1291, the S&P 500 gained 2 to 889, and the Dow fell 66 to 8312. Volume rose to 1.24 billion shares on the NYSE, and 1.27 billion on the Nasdaq. Advancers led 17 to 13 on the NYSE, and 17 to 14 on the Nasdaq.
Adobe surged 12% on better than expected results.
Lucent plunged 23% to a new 52-week low on a warning.
ESS Tech plunged 31% on a warning, and competitor Zoran
lost 13%.
Genesis Microchip rose 8.6% on positive guidance.
Oracle rose 2.6% ahead of the company’s earnings report on Tuesday. SAP
, however, hit a new 52-week low on a downgrade.
Verity was unchanged after matching estimates.
eResearch and Netsmart
hit new 52-week highs.
Some technical comments on the market: Note: To see the charts in the text email newsletter, click on the internetstockreport.com story link at the top of the newsletter.
The banks (first chart below) were saved from a breakdown today. That head and shoulders neckline around 730 is a very important support for the market. The Dow, Nasdaq and S&P (charts two through four) should not get above yesterday’s highs of 8575, 1305 and 910 if the top is in. Resistance on the Dow is 8450, 8500 and 8575, and support is 8300, 8200-8217 and 8030-8100. Resistance on the Nasdaq is 1296, 1300 and 1305, and support is 1251-1263. The S&P faces resistance at 900 and 910, and support is 870-875.
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