Yahoo beat estimates after the close on Wednesday, capping a down day for the stock market on an up note.
An early rally on triumphant scenes from central Baghdad gave way to selling, as investors turned their focus to corporate earnings and the economy.
The Nasdaq dropped 26 to 1356, the S&P 500 fell 12 to 865, and the Dow lost 100 to 8197. Volume rose to 1.29 billion shares on the NYSE, and 1.31 billion on the Nasdaq. Decliners led 17-14 on the NYSE, and 17-12 on the Nasdaq. Downside volume was 72% on the NYSE, and 85% on the Nasdaq. New highs-new lows were 69-25 on the NYSE, and 67-29 on the Nasdaq.
After the close, Yahooregained most of the day’s 4% loss after beating and raising estimates. Sonusbeat estimates, Applied Microannounced massive layoffs, and Sprint’sCOO resigned.
During the day, Microsoftand AMDlost ground despite beating Intelto the 64-bit punch. Microsoft and Intel both report earnings on Tuesday.
IBM, down 1.7%, won an outsourcing contract with Brazil’s largest telecom company. Big Blue reports earnings Monday night.
Predictive Systemssoared 41% on a buyout.
Real Networks, down 2.4%, is expected to announce a deal with the BBC.
Motorolafell 4.5% despite a 3G deal in Indonesia. Qwestfared better, finishing unchanged on a contract with the state of Utah.
And thanks to Verizonand 7-Eleven, you can now pay bills online when you buy that Slurpee.
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