The shining star in today's earnings reporting was Qualcomm [QCOM], which closed up over $13 to end the day at $215.69 per share.
source: stockhouse.com
It reads as if Qualcomm reported their earnings
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Today in the Markets
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Y2K Bug Bites IBM, Wall Street
Y2K worries afflicted both stocks and investors today as Wall Street saw a wildly fluctuating red day. The Dow closed down 94.67 points, but not before experiencing as much as a 213 point loss in earlier trading. The decline was led by International Business Machines [IBM], which issued a warning about its Y2K-sensitive hardware sales and was downgraded by Merrill Lynch [MER]. IBM stocks were pummeled on the NYSE, closing down $21.75, never really recovering from its massive sell-off in morning trading. IBM's stock woes proved contagious, as the Nasdaq spent most of the day languishing on the negative side until a late day rally pushed it over to the positive - barely. Another Dow component, Philip Morris [MO] was also a trading casualty, losing over $3.50 per share. Other Nasdaq un-notables included Sun Microsystems [SUNW], which was downgraded by Paine Webber [PWJ] to "neutral" status, and Amgen [AMGN], which lost $6 per share. However, unlike Amgen, other companies, which reported their quarterly earnings today were marginally rewarded: America Online [AOL], Coca-Cola [KO], and Merck & Co [MRK] all reported positive gains. The shining star in today's earnings reporting was Qualcomm [QCOM], which closed up over $13 to end the day at $215.69 per share. The Labor Department's report on new jobless claims today affected bond prices and reinforced fears that the Federal Reserve will raise interest rates next month. |
