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Disappointing results from Baidu.com and Tellabs outweighed a number stellar earnings reports from technology companies on Thursday. MoneyShow.com Articles Page::
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A strong market rally turned into a loss for the Nasdaq, as traders grew cautious ahead of Friday's second-quarter GDP report, expected to clock in at 3.0%. www.seeweekly.com/hosting-baidu-tellabs-weigh-on-techs-news-135014.html::
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Leading the way lower were Tellabs and Baidu. Baidu shares plunged 21% after its 175% sales growth failed to take out the top end of analysts' estimates. Tellabs shares fell 16% on a weaker than expected forecast, as the company was hurt by the pending merger of BellSouth and AT&T. MoneyShow.com Articles Page::
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(NYX) | Concerns About Online Ad Market Weigh On Upcoming Earnings (GOOG,MSFT,TWX, all the forecasts are made based on a forecast of oil prices at
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Also falling on their earnings reports were Plexus, Komag, Arris, Trident and Sanmina.
Still, a number of tech companies fared quite well on their earnings reports. Symantec, Akamai, Comcast, Business Objects, Covansys and Silicon Image all gained on their earnings.
The all-or-nothing reaction to earnings reports continued after the bell, when McAfee and Rackable Systems tumbled on their results.
The Nasdaq lost 16 to 2054, the S&P 500 fell 5 to 1263, and the Dow slipped 2 to 11,100. Volume rose to 2.78 billion shares on the NYSE, and 2.19 billion on the Nasdaq. Decliners led 18-14 on the NYSE, and 18-11 on the Nasdaq. Downside volume was 63% on the NYSE, and 64% on the Nasdaq. New highs-new lows were 121-92 on the NYSE, and 73-129 on the Nasdaq.
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Baidu, Tellabs Weigh on Techs