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Market Sells Tech Stocks
Jan 18, 5:00 PM EST |
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| Earnings: Apple reported 65 cents vs. 35 cents a year ago, AMD 21 cents vs. 13 cents and eBay 20 cents vs. 15 cents. Apple fell 8% and eBay dropped 5% |
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| CPI for the December 2005 fell by 0.1% but market ignored the drop in inflation. Tech heavy index NASDAQ dropped 1% and led the decline in Dow and S&P 500 indexes. Oil, gasoline, heating oil and natural declined. Banks have reported so far mixed earnings and tech stocks have not met market projection of earnings. |
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Tech Stocks in Decline
Jan 18, 1:26 PM EST |
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| Consumer prices rose by 3.4% for the 12 months ending in December on surging energy costs, marking the biggest jump in five years. |
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| It was a day of heavy selling and lower trading as major tech companies like Yahoo, Intel, Google and Apple disappointed the market. A brokerage downgrade on Google from hold to sell, sent the stock down 3.5%. Yahoo registered its biggest one-day decline of 10.56% on disappointing revenue and forecast. Another tech giant, Intel Corp., slipped 11.8% on lower-than-expected quarterly results. Piper Jaffray downgraded its rating on the company and also cut its price target. |
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AMR Loss Widens, Southwest Net up 54%
Jan 18, 12:04 PM EST |
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| Consumer prices rose by 3.4% for the 12 months ending in December on surging energy costs, marking the biggest jump in five years. |
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| Stocks opened in the negative, dragged by disappointing earnings from major tech companies like Yahoo and Intel, rising oil and a heavy drop in the Japanese Nikkei. In earnings news, AMR posted a wider Q4 profit loss of $3.49 a share vs. $2.40 a year ago on higher fuel prices, below estimates of a loss of $2.50. Low-cost carrier Southwest Airlines reported 54% Q4 profit rise to 10 cents a share vs. 7 cents last year on 20% revenue increase. |
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Schwab Earnings Rise But Stock Falls
Jan 18, 10:06 AM EST |
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| Oil prices climbed over $66 on supply concerns amid tension in Iran and Nigeria. European gold dropped. The dollar slipped against major currencies. |
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| Asian-Pacific benchmarks closed deeply in the red on heavy selling pressure. The Nikkei tumbled 2.94% to 15,314.18, South Korean Kospi shed 2.64%, and Taiwan''s Weighted index fell 3.16%. European stocks were also weak on disappointing sales from Intel and rising oil. The German DAX 30 and the French CAC 40 dropped 1.5% each. Charles Schwab reported tripled Q4 earnings rise of 14 cents a share vs. 4 cents a year ago on 11% revenue growth, matching estimates. |
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