Another day of disappointing earnings sent stocks to their fifth straight loss on Wednesday and put the Dow and S&P 500 in the red for the year.
The Nasdaq slipped 4 to 1359, the S&P 500 lost 9 to 878, and the Dow fell 124 to 8318. Volume surged to 1.57 billion shares on the NYSE, and 1.5 billion on the Nasdaq. Decliners led 21-11 on the NYSE, and 19-12 on the Nasdaq. Downside volume was 68% on the NYSE, and 58% on the Nasdaq. New highs-new lows were 87-58 on the NYSE, and 64-63 on the Nasdaq.
After the close, Qualcomm and NetScreen
beat estimates and raised guidance. Texas Instruments
, PeopleSoft
, CheckPoint
, Siebel
, SanDisk
, Tellabs
, Citrix
, Mercury Interactive
, Storage Tech
and Silicon Labs
also beat estimates. Computer Associates
beat estimates, but lowered its revenue forecast. CDW Computer
warned.
During the day, DoubleClick gained 10% after beating estimates and reaffirming guidance.
Lucent gained 7.7% on better than expected results and guidance and a deal with Cisco
.
WebEx plunged 21% on Microsoft’s acquisition of PlaceWare. Microsoft
, off 0.6%, also unveiled its long-awaited CRM software and made other CRM announcements.
HP , up 0.1%, will resell AOL’s
instant messaging products.
CheckFree , webMethods
and JDA
surged on better than expected results. Motorola
, Openwave
, Sanmina
, Avaya
, Xilinx
, Hutchinson
and RF Micro
fell on their results, and and Unisys
was unchanged on its report.
E*Trade fell 7.5% on a warning.
IBM , down 1%, announced Linux customers.
Sun , off 2%, is also making a major Linux push, and Dell
, Red Hat
and AMD also basked in the Linux limelight.
NVIDIA gained 0.3% on new graphics chips.
RealNetworks , off 3.7%, unveiled source code.
Veritas rose 0.1% after updating its data backup product.
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