Blue Chips Pull Market Higher
September 19th, 2008 adminThe ISDEX gained 3 to 726, 17 points above its low for the day, and the Nasdaq gained 15 to 3774 after trading as low as 3686. The S&P 500 gained 10 to 1470, while the Dow soared 118 to 11,027. Volume declined to 395 million shares on the NYSE and 638 million on the Nasdaq. Advancers led 16 to 9 on the NYSE, but decliners led 18 to 15 on the Nasdaq. The Producer Price Index came in unchanged, in line with expectations, but retail sales were stronger than expected. For earnings reports, visit our earnings calendar and reported earnings.
After the bell on Thursday, Internet Capital Group reported a second quarter loss of 70 cents a share. No estimates were available. The stock lost 1 3/8 to 30 1/4. Dell Computer missed its whisper number and reported lighter-then-expected revenues, leading the Nasdaq lower by 3 1/2 to 38 1/4.
Blue Martini fell 3 41/64 to 62 1/2 after reporting a second-quarter loss of 23 cents a share. No estimates were available. Telescan lost 25/32 to 5 1/4 after missing estimates by 17 cents with a 15-cent loss.
Verio gained 1 11/16 to 58 7/8 on news that the FBI has resolved security concerns over the company's merger with Japan's NTT.
Datalink.net, one of the best-performing Net stocks this year, rose 1 13/16 to 17 9/16 on news that it will move to the Nasdaq on Monday and begin trading under the symbol XLNK.
Xcelera.com gained 5/8 to 12 1/2 on news of a special dividend.
Clarent gained 6 5/8 to 45 7/8 on rumors of an investment from Microsoft and news that its merger with ACT Networks will go through. Net2Phone gained 4 27/32 to 30 27/32 on takeover rumors.
Sonus Networks rebounded 15 1/2 to 214 on positive comments from Prudential and a $240 price target.