An early rally on Tuesday turned to selling on news of a new bin Laden tape and Iraq’s rejection of a UN peacekeeping force.
The Nasdaq slipped 1 to 1295, the S&P 500 lost 6 to 829, and the Dow dropped 77 to 7843. Volume rose to 1.29 billion shares on the NYSE, and 1.32 billion on the Nasdaq. Decliners led 19-13 on the NYSE, and 17-14 on the Nasdaq. Downside volume was 69% on the NYSE, but only 43% on the Nasdaq. New highs-new lows were 41-107 on the NYSE, and 39-99 on the Nasdaq.
After the close, Applied Materials missed estimates. Sycamore
beat estimates, and Network Appliance
beat revenue estimates.
During the day, priceline fell 10% on mixed results.
Microsoft fell 2% on news of new antitrust complaints.
Baby Bells SBC , BellSouth
and Verizon
fell on an FCC ruling delay. Meanwhile, Sprint
won a round in its fight to hire BellSouth’s vice chairman.
Dell rose 1.7% ahead of Thursday’s earnings report.
Texas Instruments climbed 2.6% after reaffirming guidance.
Cisco , up 2.4%, is targeting call centers.
Qualcomm , up 0.1%, announced a dividend and stock buyback.
Marvell , up 3.3%, unveiled a Gigabit Ethernet switch.
BEA , up 1.7%, announced a security acquisition.
Hoover’s fell 6.5% as a bidding war for the company cooled down.
Proxim rose 5.7% on price cuts.
Veeco and TheStreet.com
rose on their earnings reports.
Handspring , up 1.2%, announced a developer program.
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:
http://www.InternetStockReport.com.