became the latest Internet company to disappoint Wall Street analysts after the close on Wednesday.
Shares of United plunged 20% after the company missed estimates and warned, blaming a seasonal slowdown and increased competition.
United’s earnings of 25 cents a share beat estimates by a penny, but revenues of $110.6 million came in below $112.5 million forecasts. The company predicted third-quarter revenues of $109-112 million, well below $118.7 million estimates, and the company also lowered subscriber guidance.
Also after the close, Aspen Technologies
beat estimates. Wireless Facilities
Stocks recovered from yet another sell-off during the day, but techs finished in the red on earnings concerns.
The Nasdaq lost 4 to 1855, the S&P 500 lost 1 to 1098, and the Dow rose 6 to 10,126. Volume rose to 1.37 billion shares on the NYSE, and 1.68 billion on the Nasdaq. Decliners led by a few shares on the NYSE, and by 17-13 on the Nasdaq. Downside volume was 57% on the NYSE, and 59% on the Nasdaq. New highs-new lows were 54-82 on the NYSE, and 31-153 on the Nasdaq.
rose 3% on an upgrade. Chip stocks benefited from reports of strong sales.
plunged 16% after missing revenue estimates and warning. Orbitz
gained 4.5% after beating lowered guidance.
plummeted on warnings, and Applied Digital
, Integrated Circuit
lost ground on their results.
rose on their earnings reports.
lost 4% on a downgrade, and AskJeeves
fell 5% on reports of insider sales.
fell 5% on news of possible SEC action.