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Stocks battled back from a steep drop on Wednesday, but a number of leading technology names ended the day with sharp losses. Bulls Have Little To Hold On To - Trader Talk with Bob Pisani ::
Stocks fall sharply in afternoon trading, with CNBC's Bob Pisani, when the ISM numbers showed a steep decline and markets moved down again.
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A $7.9 billion credit-related writedown at Merrill Lynch and a bigger than expected drop in existing home sales sent blue chip indexes nearly 2% lower for much of the day, and the Nasdaq was down by 3% at its lows on big declines in Amazon.com, Juniper Networks and Broadcom. Global Stock Market BLOG - Mike Burnick: January 2008::
U.S. stocks bounced on Monday, but it was back to business as usual on the . What’s most striking though is the remarkably swift and steep decline in
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POLITICAL LEGITIMACY TRENDS IN CENTRAL ASIA | ESSAYS ON CENTRAL ::
In fact, they are of the basic stock of the Timurids. region during the 12th -13th c. were in steep decline, having lost the cultural and economic battle
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But rumors of an emergency Federal Reserve rate cut sparked buying late in the day, even though the Fed is unlikely to take emergency action a week before its next meeting. The Dow and S&P erased nearly all of their losses, and the Nasdaq ended the day 0.9% lower.
But a number of tech names suffered big losses on the day. Amazon lost 12% on margin concerns despite beating estimates. Broadcom tumbled 17% on a big drop in net income, sending the chip sector 3.5% lower, and Juniper, Corning, Altera, RF Micro, Data Domain and Riverbed also fell sharply on their quarterly results.
QLogic was a rare earnings standout, vaulting 11% on its results.
But the day's biggest winner was Transmeta, which soared 233% to $13.93 after settling a patent dispute with Intel. Intel lost 3% on the day.
After the close, VMware beat estimates in its first quarter as a publicly traded company and traded nearly 7% higher on the news, while Symantec fell 8% despite beating estimates. And Microsoft beat Google to the punch with a $240 million investment in Facebook. Microsoft will report its quarterly results after the close on Thursday.
The Nasdaq fell 24 to 2774, the S&P lost 3 to 1515, and the Dow slipped 1 to 13,675. Volume rose to 3.95 billion shares on the NYSE, and 2.8 billion on the Nasdaq. Decliners led by a 20-12 margin on the NYSE, and 20-9 on the Nasdaq. Downside volume was 63% on the NYSE, and 77% on the Nasdaq. New highs-new lows were 74-166 on the NYSE, and 87-187 on the Nasdaq.
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Stocks Battle Back from Steep Decline