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Technology investors got some welcome news after the bell on Thursday, with Micron, Red Hat and Research in Motion all delivering better than expected quarterly results.
Improved pricing helped Micron's earnings of 25 cents a share beat estimates by a nickel. Sales were up16% to $1.58 billion, just below $1.64 billion forecasts. Micron said it expects capital expenditures of $4 billion next year, with $1.5 billion coming from joint venture partners. Micron's shares gained nearly 5% in after-hours trading. Movies, entertainment -- IndoIndians.com::
The Upside: The first half of the movie is filled with humour and extravagant scenes, .. Preity Zinta is Madhoo, the surprise element of the film !
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RIM was another 5% gainer after hours after posting sales of $835 million, up 49% and $20 million better than expected. Earnings of 95 cents a share were a penny ahead of estimates.
Red Hat, meanwhile, celebrated its first quarter on the NYSE with 45% sales growth, beating $104 million estimates by $2 million, and earnings of 14 cents a share topped forecasts by two cents. The stock soared more than 10% in late trading.
Stocks sagged during the day on news that Mid-Atlantic manufacturing contracted again last month.
Accenture was a standout, gaining 4.5% after reporting better than expected results and guidance, while Jabil and Ultratech fell on their results. Wired 6.10: The United Nations of Iridium::
The real importance of Iridium, however, transcends technology. .. and the Iridium team was in for a harsh surprise when it formally announced the
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PMC-Sierra lost 4% on its outlook.
Tut gained on news of a Motorola buyout.
The Nasdaq lost 11 to 2415, the S&P 500 fell 5 to 1418, and the Dow lost 42 to 12,421. Volume declined to 2.24 billion shares on the NYSE, and was unchanged at 1.81 billion on the Nasdaq. Decliners led 19-13 on the NYSE, and 17-13 on the Nasdaq. Downside volume was 66% on the NYSE, and 65% on the Nasdaq. New highs-new lows were 187-16 on the NYSE, and 101-49 on the Nasdaq.
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