Tech stocks were continuing yesterday's much-needed rally.
Nasdaq Composite Index was lately on its highs, advancing for the second straight day.
Even so, a mix of positive and negative earnings reports has kept investors on their toes. Today's rally is muted compared with yesterday's frenzy.
, up 5.7%, was still benefiting from its stellar post-close earnings report Wednesday. And one of Microsoft's partners,
was also basking in the warm glow of investor optimism. It was lately 5.5% higher. After Thursday's close, Commerce One posted a loss that was
naroower than expected.
Unfortunately, the Nasdaq's most active was mobile-phone giant
, down 10.7% after it cut its
sales and profitability forecasts , citing mobile-phone losses. The stock was downgraded by
Ericsson's announcement had early on put a damper on telecoms, but
were lately higher, getting some extended lift from separate positive earnings announcements. Also, Nokia said handset demand remains strong, countering fears of a slowdown in that business.
earlier wrote separate stories on
The Comp was getting some negative drag from heavyweights
Internet stocks were getting a boost on the heels of blowout earnings from
raised its EPS estimates for this year and the next on eBay, and
raised its EPS estimates for this year and next on SDL.
wrote a separate story on
Dow Jones Industrial Average lately was edging back toward break-even, after a banner day yesterday.
is in talks to buy fellow Dow component
sent United Tech's stock down 11.9%.
was subtracting about 16 points from the blue-chip index. It was getting the cold shoulder from investors after the company announced this morning that a weak euro could put pressure on its earnings going forward. The soft-drink top dog narrowly beat earnings forecasts this morning. Coca-Cola was off 4.7%.
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After leading yesterday's rally, semiconductors were taking a little breather today. The
Philadelphia Stock Exchange Semiconductor Index
lately was barely in the green, up 0.1%.
Financials were mixed with the
American Stock Exchange Broker/Dealer Index
up a solid 5.2%. The
Philadelphia Stock Exchange/KBW Bank Index
was 0.5% lower, though, while the
S&P Insurance Index
was basically unchanged.
And oil sectors were back in the game with the
American Stock Exchange Natural Gas Index
up 2.3%, and the
Philadelphia Stock Exchange Oil Service Index
Philadelphia Stock Exchange Forest & Paper Products Index
, down 2.1%, and
S&P Retail Index
, off 1.8%, were suffering yesterday, after rallying earlier this week when nothing else was.
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The bond market continues to improve, overall, though lately the benchmark 10-year
Treasury note was 1/32 lower at 100 21/32, yielding 5.661%.
Treasury bond was at 107 6/32, 4/32 higher, to yield 5.741%.
With no economic releases due today, there will probably be little new to cause any change in the market's view. Mixed performance in equities and ongoing Mideast tensions are likely to dominate the market's interest.
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