The last week in August is typically a slow period for earnings reports, but a number of telecom and chip stocks are giving investors updates this week.
Novelluslost 2.5% Wednesday after the chip equipment maker lowered its forecast below what Wall Street analysts were expecting.
Fairchild Semifaired better, rising 6% after the company said it expects to make its quarter. Semtechlost 4% after missing earnings estimates and lowering guidance.
ADC Telecom, meanwhile, tumbled 8% after the company warned that third-quarter earnings will come in below analysts’ estimates. Cienaand JDS Uniphasewill report their results Thursday.
The broader market rallied Wednesday after the Bush Administration said it would tap the strategic petroleum reserve to alleviate oil shortages in the wake of Hurricane Katrina. Traders shook off news that Midwestern manufacturing contracted in August.
The Nasdaq surged 22 to 2152, the S&P rose 11 to 1220, and the Dow climbed 68 to 10,481. Volume surged to 2.33 billion shares on the NYSE, and 1.71 billion on the Nasdaq. Advancers led 25-7 on the NYSE, and 21-9 on the Nasdaq. Upside volume was 82% on the NYSE, and 78% on the Nasdaq. New highs-new lows were 204-37 on the NYSE, and 117-41 on the Nasdaq.
Intellisyncsoared 20% after beating estimates.
CNETrose 5% on an upgrade.
VA Softwarelost 10% after reporting a quarterly loss.
Creative Technologyrose 6% after accusing Appleof a patent breach.