Investors saw little reason to buy stocks on Monday with a Friday deadline looming for Iraq to comply with a UN disarmament resolution. Oracle and HP weighed on tech stocks.
The Nasdaq fell 40 to 1319, the S&P 500 lost 18 to 876, and the Dow fell 178 to 8358. With the bond market closed, volume fell to 1.1 billion shares on the NYSE, and 1.27 billion on the Nasdaq. Decliners led 22 to 8 on the NYSE, and 23 to 8 on the Nasdaq. Downside volume was 87% on the NYSE, and 89% on the Nasdaq. New highs-new lows were 17-52 on the NYSE, and 29-48 on the Nasdaq.
After the close, eSpeedtopped estimates.
During the day, HPfell 11% on news of the departure of former Compaq chief Michael Capellas.
Oraclefell 5% on a downgrade despite reaffirming guidance.
Intel, off 4.5%, shed once-hot networking firm Shiva. Merrill Lynch said it expects Intel to cut chip prices and reiterated its Neutral rating on the stock.
IBMfared better than most, losing 0.4% after unveiling a new server and a new integrated circuit technique.
Microsoft, off 2.2%, continued to think small, this time on a Pocket PC deal with Samsung.
Juniper Networksand QLogicfell on negative analyst comments. QLGC gapped below its 200-day moving average at 40.40.
Nokiaand Taiwan Semiwere also hit by negative analyst comments.
AOLand VeriSignannounced a partnership, while EarthLinktook out ads critical of AOL.
Terra Lycoslost 5% as it sharpened its focus on pay services.
AT&Tand Comcastmoved a step closer to completing their merger.
Liquid Audioslipped after a merger fell through.
Openwavegained on a positive mention in Barron’s, while J2 Globalfell 15% on valuation concerns.
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