Amy, thread, I looked around some and it looks like AMCC's revenue shortage bomb at 10:30 PDT cratered us even worse today. Earthquake yesterday, AMCC bomb today, what's next, plague, flood, locusts, frogs?
14:05 ET Dow -160, Nasdaq -68, S&P -21.90: [BRIEFING.COM] Unfortunate timing on the Applied Micro (AMCC 25 1/4 -1 1/2--halted) warning. The Nasdaq was again recently testing for support at its session low and could not make up its mind. AMCC made up its mind for it sending the Nasdaq to a new session low breaking through 2080. The news likely ruled out any chance at an afternoon rebound. The Dow is not faring much better as it remains close to its session low. Although crude oil is essentially unchanged at $27.50, oil stocks continue to rally on President Bush's recent comments on the need for more domestic exploration. Also helping is the sector's seemingly safe earnings outlook which has been attractive given all of the tech warnings. NYSE Adv/Dec 1190/1758... Nasdaq Adv/Dec 1012/2598.
13:30 ET Applied Micro (AMCC) 25 1/4 -1 1/2 (-5.6%): -- Update -- Instead of press release, communications chip maker uses CNBC interview to disseminate warning. Company guiding down MarQ revenue est. to range of $125 to $135 mln, compared to current consensus of $162 mln. |
