The Night Watch: Amgen, Immunex Slip After Earnings Reports
Updated from 5:01 p.m. EST
Tech investors had plenty of earnings news to keep them busy after the bell Wednesday, and many of the quarterly results led to varying degrees of selling in the late session.
Emulex
(EMLX)
was the volume leader, dropping 5.4% to $41.90. The company's shares
gained 14.3% in regular trading, a day after Emulex beat Wall Street's earnings estimates. J.P. Morgan followed the quarterly report with positive comments on the stock. But following the close, the company said it plans to sell $300 million of convertible subordinated notes.
LSI Logic
(LSI) - Get Report
was dropping 1% to $14.16 after topping analysts' earnings expectations and saying it was on track to return to profitability in the second half of the year.
Merger partners
Amgen
(AMGN) - Get Report
and
Immunex
(IMNX)
were lower after both reported earnings that were
shy of expectations. Amgen was off 0.8% to $58.01, and Immunex was lower by 0.6% to $28.90.
As always, widely held tech shares were among the most actives.
Oracle
(ORCL) - Get Report
was up 0.1% to $16.76, and
Intel
(INTC) - Get Report
was off 0.5% at $32.29.
Sun Micro
(SUNW) - Get Report
was losing 0.3% to $11.24.
Cisco
(CSCO) - Get Report
was inching up 0.1% to $18.94, and the
Nasdaq 100 Tracking Stock
(QQQ) - Get Report
was unchanged at $38.43.
Microsoft
(MSFT) - Get Report
was lower by 0.1% to $63.70.
QLogic
(QLGC)
was down 5% to $48.45. After the close, the company posted quarterly earnings that came in a penny ahead of estimates.
SanDisk
(SNDK)
was one of the late session's biggest winners, gaining 18.9% to $16.20 after reporting better-than-expected earnings.
Activision
(ATVI) - Get Report
was climbing 13.1% to $28.04. After the end of regular trading, the company reported stronger earnings than analysts were expecting and raised its guidance.
F5 Networks
(FFIV) - Get Report
was slumping 12.7% to $16.61 after the company topped expectations but lowered its projections.
