The Nasdaq shook off a warning from AMDto 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, Apollobeat estimates, and Open Textand E.piphanywarned.
During the day, PeopleSoftrose 3% on hopes for an acquisition by Oracle.
DuPont Photomaskssoared 44% on news that the company will be acquired.
Secure Computingand Netflixclimbed after raising guidance.
Vignette, National Instrumentsand BroadVisiontumbled on warnings.
FileNetsoared 21% on an upgrade, while Opnetdropped 12% on a downgrade.
IPIXjumped 14% on a deal with Homestore.
Avayaslipped on an acquisition.