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, Yahoo regained most of the day’s 4% loss after beating and raising estimates. Sonus
beat estimates, Applied Micro
announced massive layoffs, and Sprint’s
COO resigned.
During the day, Microsoft and AMD
lost ground despite beating Intel
to 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 Systems soared 41% on a buyout.
Real Networks , down 2.4%, is expected to announce a deal with the BBC.
Motorola fell 4.5% despite a 3G deal in Indonesia. Qwest
fared better, finishing unchanged on a contract with the state of Utah.
And thanks to Verizon and 7-Eleven
, you can now pay bills online when you buy that Slurpee.
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:
http://www.InternetStockReport.com.