Market Roundup: Despite Strong Earnings, Market Dips - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

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.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
The State of Cloud Computing - Fall 2020
The State of Cloud Computing - Fall 2020
Download this report to compare how cloud usage and spending patterns have changed in 2020, and how respondents think they'll evolve over the next two years.
Commentary
CIOs Face Decisions on Remote Work for Post-Pandemic Future
Joao-Pierre S. Ruth, Senior Writer,  2/19/2021
Slideshows
11 Ways DevOps Is Evolving
Lisa Morgan, Freelance Writer,  2/18/2021
News
CRM Trends 2021: How the Pandemic Altered Customer Behavior Forever
Jessica Davis, Senior Editor, Enterprise Apps,  2/18/2021
Register for InformationWeek Newsletters
Video
Current Issue
2021 Top Enterprise IT Trends
We've identified the key trends that are poised to impact the IT landscape in 2021. Find out why they're important and how they will affect you.
White Papers
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.
Sponsored Video
Flash Poll