Texas Instruments raised guidance after the close on Monday, welcome news for the chip sector following Intel’s
warning last week.
TI said it sees first-quarter revenues of $2.84-$2.95 billion, compared to $2.85 billion estimates, and the company’s earnings guidance of 19-22 cents a share would beat analysts’ estimates of 19 cents a share.
Cymer and TriQuint
also raised guidance after the close, but Hutchinson
warned. Digital Lightwave
announced a deal with Telecom Italia.
Stocks fell during the day, as the steady drumbeat of disappointing economic reports finally caught up with the market.
The Nasdaq fell 38 to 2088, the S&P 500 lost 9 to 1147, and the Dow dropped 66 to 10,529. Volume declined to 1.26 billion shares on the NYSE, but rose to 2.06 billion on the Nasdaq. Decliners led 19-13 on the NYSE, and 21-10 on the Nasdaq. Downside volume was 69% on the NYSE, and 76% on the Nasdaq. New highs-new lows were 374-5 on the NYSE, and 210-5 on the Nasdaq.
Digital Think soared 20% on a deal with Microsoft
, but finished well off its highs for the day.
Corvis gained 6% on an acquisition.
Veritas climbed 2% on positive analyst comments.
Chinese Internet stocks Sina.com , Sohu
and Netease
fell on a New York Times article that called the sector a “bubble.”
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:
http://www.InternetStockReport.com.
