Techs Survive AMD Warning

The Nasdaq shook off a warning from AMD to post its sixth consecutive gain on Tuesday.

Even AMD didn’t fare that badly. The stock gapped lower to start the day, then spent the rest of the day climbing higher, making it almost back to unchanged on the day.

AMD said it now expects a sequential decline in sales; analysts were looking for a 6% increase to $1.34 billion. AMD blamed the shortfall on weakness in its flash memory business.

The broader market slipped as a reading on the services sector came in weaker than expected and crude oil hit a new all-time high above $51 a barrel.

The Nasdaq gained 3 to 1955, the S&P 500 slipped fractionally to 1134, and the Dow fell 38 to 10,177. Volume declined to 1.42 billion shares on the NYSE, and 1.72 billion on the Nasdaq. Decliners led by a few issues on the NYSE, and by 17-14 margin on the Nasdaq. Downside volume was 59% on the NYSE, and 40% on the Nasdaq. New highs-new lows were 289-10 on the NYSE, and 110-27 on the Nasdaq.

After the close, Apollo beat estimates, and Open Text and E.piphany warned.

During the day, PeopleSoft rose 3% on hopes for an acquisition by Oracle .

DuPont Photomasks soared 44% on news that the company will be acquired.

Secure Computing and Netflix climbed after raising guidance.

Vignette , National Instruments and BroadVision tumbled on warnings.

FileNet soared 21% on an upgrade, while Opnet dropped 12% on a downgrade.

IPIX jumped 14% on a deal with Homestore .

Avaya slipped on an acquisition.

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