Market Roundup: Despite Strong Earnings, Market Dips - InformationWeek
IoT
IoT
News
News
7/19/1999
04:16 PM
50%
50%
RELATED EVENTS
Building Security for the IoT
Nov 09, 2017
In this webcast, experts discuss the most effective approaches to securing Internet-enabled system ...Read More>>

Market Roundup: Despite Strong Earnings, Market Dips

Despite positive earnings reports from some key players, the stock market took a hit today. The Dow closed down 22.16 to 11,187.68, the Nasdaq lost 34.19 to 2830.29, and the S&P 500 tumbled 11.13 to 1407.65.

Saga Software Systems Inc. (NYSE--AGS) topped the InformationWeek 100 winners lists, gaining 1-1/16, or 8.6%, to 13-3/8 after the Patricia Seybold Group put out a release advising companies shopping for a software integration product to look at Saga's Sagavista.

In other software-related news, Symantec Corp. (Nasdaq--SYMC) gained 8.4%, rising 2-1/2 to 32-1/4 after being upgraded by Prudential Securities. Earlier this month, Symantec announced plans to launch a new online software shop, which will be managed by Beyond.com. Symantec, a maker of utility software, says the online site will be rolled out over the next four months.

Meanwhile, Hewlett-Packard (Nasdaq--HWP) gained 2-1/4 to close at 116-1/4 after it named Lucent Technologies' (NYSE--LU) Carleton Fiorina as its new president and CEO. Fiorina was group president in charge of sales to phone companies for Lucent. Lucent closed down 5/16 to 78-1/8.

Bellwether stocks IBM (NYSE--IBM) and Microsoft (Nasdaq--MSFT) dropped prior to strong earnings reports for the second quarter and fourth quarter, respectively, released after the bell today.

IBM lost 1-5/8 to close at 134-5/8. IBM's second-quarter earnings exceeded analyst expectations by 3 cents a share. For the second quarter ended June 30, IBM posted net income of $2.4 billion, or 91 cents a share, including a tax benefit of about $700 million, on revenue that increased 16% to $21.9 billion.

Microsoft lost 1-1/16 to close at 98-3/8 before announcing net income of $2.2 billion, or 40 cents per share, compared with $1.357 billion, or 25 cents per share, a year earlier for the period ended June 30. Greg Maffei, Microsoft CFO, said several factors, including the year 2000 and uncertain global economic conditions, could hamper growth next year.

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
2017 State of IT Report
In today's technology-driven world, "innovation" has become a basic expectation. IT leaders are tasked with making technical magic, improving customer experience, and boosting the bottom line -- yet often without any increase to the IT budget. How are organizations striking the balance between new initiatives and cost control? Download our report to learn about the biggest challenges and how savvy IT executives are overcoming them.
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