Investors were in the mood to sell after the close on Wednesday.
Intel , Yahoo
, Apple
and QLogic
all tumbled after hours on results that weren’t quite everything investors had hoped for.
Intel’s earnings and revenues topped estimates, but margins and forward guidance were disappointing. For the first quarter, Intel said it expects revenues of $7.9-$8.5 billion. With estimates currently at $8.23 billion, Intel’s guidance was seen as a disappointment.
Yahoo’s first-quarter revenue guidance of $475-505 million also left room to disappoint $495 million estimates.
QLogic provided the evening’s only miss, with earnings that beat estimates, but revenues that came in light.
The sell-off in Apple shares was a little more puzzling, since the company beat estimates and raised guidance. But with iPod sales reportedly soaring, investors may have hoped for even more upside.
The one bright spot: IBM moved up its earnings report from January 20 to Thursday morning, raising hopes that Big Blue will report strong results.
Stocks surged during the day on low producer inflation and signs that exports are picking up.
The Nasdaq rose 14 to 2111, the S&P 500 climbed 9 to 1130, and the Dow surged 111 to 10,538. Volume declined to 1.52 billion shares on the NYSE, and 2.1 billion on the Nasdaq. Advancers led 22-10 on the NYSE, and 19-12 on the Nasdaq. Upside volume was 75% on the NYSE, and 57% on the Nasdaq. New highs-new lows were 428-3 on the NYSE, and 342-6 on the Nasdaq.
Sina surged 10% on a deal with Yahoo
.
AT&T Wireless soared 16% on possible merger plans.
Internet Security fell 10% on mixed guidance and merger plans.
HP rose 2% on a big investment in Singapore.
Drugstore.com fell 4% on disappointing guidance.
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