VMware soared 75% in its stock market debut Tuesday, but the rest of the market suffered a familiar fate, plummeting over concerns about the crumbling credit market.
WMware’s much anticipated IPO went smoothly, raising nearly $1 billion for EMC . Trading in VMware was active, with 27 million of the 33 million shares changing hands.
But it was a familiar story for the rest of the market, as disappointing results from Wal-Mart and Home Depot
and another round of fears about the subprime mortgage market sent stocks plunging once again.
Cellcom , GigaMedia
and STEC
were bright spots, trading up on their earnings reports.
But Netease , InterDigital
and Orbcomm
fell on their quarterly results.
Sellers continued after the bell, sending Agilent and Applied Materials
lower in late trading on their results.
The Nasdaq fell 43 to 2499, the S&P 500 lost 26 to 1426, and the Dow tumbled 207 to 13,028. Volume rose to 3.81 billion shares on the NYSE, and declined to 2.01 billion on the Nasdaq. Declining issues led by a 28-4 margin on the NYSE, and by 22-8 margin on the Nasdaq. Downside volume was 92% on the NYSE, and 84% on the Nasdaq. New highs-new lows were 19-450 on the NYSE, and 39-166 on the Nasdaq.