Intel reported stronger-than-expected earnings and said that it believed the slumping computer sales market had “bottomed out.” Wall Street’s response: Sell ‘em.
The chip giant’s shares are off four percent, dragging on the Nasdaq Composite and raising some questions about the tech sector generally. This bout of pessimism is probably a bit overdone and reflects more what’s happened in the past few months than what happened yesterday.
by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
Who knows what to make of a day like this one? The market jumped back and forth over the flat line countless times, then staged one of those crazy end of the day runs that have become so much a part of the current market pattern. The Nasdaq Composite finished at the high for the day, up 97.49, or 6.5 percent, to 1596.70. The Dow finished up 552 points, or 6.7 percent, to 8835, or 900 points above the low for the day, after briefly dropping below the 8000 level.
by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
You have to search pretty hard to find tech stocks left out of today’s rally. But they’re out there. Here are a half-dozen companies that were not included in today’s historic rally, which took the Nasdaq Composite up nearly 12 percent.
by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
While it was another down day for the Dow Jones Industrial Average, the Nasdaq Composite actually broke a string of seven down days and posted a modest gain: The index rose 4.39, or 0.3 percent, to 1,649.51. The index nonetheless finished the horrific week with a loss of nearly 298 points, or 15.3 percent. At one point today the index touched as low as 1542.45, stretching the loss for the week to just over 400 points, or nearly 21 percent. Astonishing.
by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
OK, now I’m getting worried.
The Nasdaq Composite today got clobbered yet again, for all the usual reasons: Investors are still freaked out about the financial crisis, have little faith that the congressional bailout package will accomplish anything, and now await the start of what will undoubtedly be a miserable third quarter earnings season.
by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
The Nadsaq Composite today plunged 199.61, or 9.14 percent, to 1983.73, as investors fled equities amid a growing sense of crisis in the financial sector. Stocks started off sharply lower this morning; the slide accelerated after the House rejected a proposed $700 billion buyout of the financial sector.
by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
After the worst day for the Nasdaq Composite in seven years, the index today turned around and posted a gain that was equally stunning, as the Street became hopeful that the financial crisis is nearing a turning point.
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