Microsoft Makes It
After chopping around in a trading range, the Dow and the S&P
dropped.
The Dow dropped 69.40 to 9163.57, and the S&P fell 8.45 to 1068.64. The
Nasdaq rallied to lunchtime before backing off, and then closed in the green, at
1652.71, up 6.37. Today’s action has the Nasdaq closing again in the September
10 gap zone.
Biotechnology
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Telecommunications
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PowerRating) brought up the rear.
Microsoft reported adjusted earnings of .43 vs. a .39 average forecast, after taking a .20 charge for telecom investments. MSFT closed at 56.80, up
.77.
Texas Instruments
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Sun Micro
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SUNW closed at 8.88, up .08, and was trading up in the aftermarket.
Corning
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PowerRating) reported .09 vs. 03 estimate. GLW closed down .14 at 8.02,
and was trading up in the aftermarket.
General Motors
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at 42.02, down .75.
Merrill Lynch
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“accelerating” cost-cutting measures. The firm may cut up to 10,000
jobs; MER closed at 66.30, down 2.75.
Profits at Eli Lilly
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U.S. Prozac sales to generics. LLY rose 1.10 to 76.10.
In its largest cut ever, Bear Stearns
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reduction. BSC fell .49 to 53.25.
Computer security software maker Symantec rallied 10% after reporting a Q2
loss. SYMC closed at 52.58, up 4.81.
Broadcom
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was narrower than estimates.
Boeing
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PowerRating) Q3 rose 14%, and the stock dropped.83 to 32.51.
Don’t forget, Friday is options expirations day.