TECH STOCKS: Positive News Doesn't Help - InformationWeek
IoT
IoT
Business & Finance
News
7/24/2003
05:15 PM
50%
50%
RELATED EVENTS
Faster, More Effective Response With Threat Intelligence & Orchestration Playboo
Aug 31, 2017
Finding ways to increase speed, accuracy, and efficiency when responding to threats should be the ...Read More>>

TECH STOCKS: Positive News Doesn't Help

The markets finished the day lower despite a number of positive earnings reports and a drop in new unemployment claims.

Stocks fell across all of our indexes Thursday, despite positive earnings from AT&T and other leading IT companies and a surprising drop in the number of new filers for unemployment benefits. However, some IT vendors, including Computer Associates and Veritas Software, bucked the trend and closed the day with big gains in stock prices.

The markets were up for most of the day, buoyed by AT&T's better-than-expected earnings report late Wednesday and a report that the number of Americans filing new claims for unemployment benefits fell below 400,000 for the first time in five months to 386,000. But the markets turned south in the last minutes of trading.

Computer Associates' stock rose $2.98, or 13.4%, to $25.22, and Veritas Software's stock was up 8.2%, or $2.29, to $30.20, after each reported better-than-expected earnings after the markets closed Wednesday. Symantec's share price was up 9.3%, or $3.98, to $46.58 after it raised sales and earnings estimates. But EDS's stock fell 9.4%, or $2.15, to $20.80 after reporting that its second-quarter earnings were down 56%.

Our InformationWeek 100 fell 3.50 points or 1.4% to close at 250.87, while the Nasdaq index as a whole fell 17.73 or 1.0% to finish the day at 1,701.42. The Nasdaq-100 tracking stock closed at $31.29, down 47 cents or 1.5%. Trading volume was moderate, as more than 72 million shares of the tracking stock exchanging hands. The Dow Jones industrials fell 81.73 points or 0.9% to close at 9,112.51, while the S&P 500 fell 7.01, or 0.7%, to finish at 981.60.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
How Enterprises Are Attacking the IT Security Enterprise
How Enterprises Are Attacking the IT Security Enterprise
To learn more about what organizations are doing to tackle attacks and threats we surveyed a group of 300 IT and infosec professionals to find out what their biggest IT security challenges are and what they're doing to defend against today's threats. Download the report to see what they're saying.
Register for InformationWeek Newsletters
White Papers
Current Issue
IT Strategies to Conquer the Cloud
Chances are your organization is adopting cloud computing in one way or another -- or in multiple ways. Understanding the skills you need and how cloud affects IT operations and networking will help you adapt.
Video
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Flash Poll