Light At End Of Tech Tunnel?
Greg Che is out of the office this afternoon. In
his absence, today’s Recap is being written by Duke Heberlein.
Equities fell for a fourth consecutive session as negative news regarding
tech giants Sun Microsystems
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more fuel to what has been the recent fire sale in the U.S. markets. The Dow
Jones Industrials
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close under 10,000 since the April lows. The S&P 500
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fell 19.53 to 1129.03, and the Nasdaq Composite
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down for a loss of 51.50, to end at 1791.67.
SUNW reported that it would likely miss next quarter’s sales estimates,
causing a ripple effect to hit tech stocks amid concerns that other tech and
computer-related issues could suffer the same fate. SUNW closed down 2.36 at
11.07.
Microsoft
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anti-trust probe of the software giant. MSFT ended the day at 59.94, down 3.31.
Advancers beat decliners by a two-to-one ratio on the NYSE, with volume of
1.16 billion shares traded.
Tech Data
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gaining 5.17 to close at 38.52. TECD rose on expectations that it will beat this
quarter’s earnings estimates by more that 20%, according to some analysts’ surveys.
Biotechs were able to exhibit some strength, with
Amgen
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1.97 to 64.57, Biomet
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Microsoft’s woes dragged other software-related issues down as well, as
Veritas
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2.25 to 31.95.
Upcoming economic reports coming out tomorrow include the NAPM
non-manufacturing numbers for July, the ECRI future inflation gauge and the
employment situation report for the month of July.