Disappointing Results from Tech Sector Stalls Stock Rally

July 24, 2009 6:45 AM |
Microsoft and Amazon.com reported disappointing results that weighed down the tech sector.  Meanwhile, oil prices remained above $67 a barrel as investors remained optimistic about a global economic recovery.  The Dow lost 31 points to 9038 while Nasdaq tumbled 23 points to 1949.

On the upside

CIT Group (NYSE: CIT) sweetened terms of its $1 billion debt buy-back offer.  Investors hope that the small business lender can avert bankruptcy.

CyberSource (Nasdaq: CYBS) posted higher revenues and a profit. An analyst promptly upgraded the electronic payment provider.

On the downside

Schlumberger (NYSE: SLB) posted lower revenues and earnings that beat expectations.  However, its guidance for drilling activity was neutral.

Microsoft (Nasdaq: MSFT) announced lower revenue that missed analysts' estimates.

Amazon.com (Nasdaq: AMZN) posted higher sales, but the results were not as robust as investors had hoped given the fact that the stock had risen 80% so far this year.

Rigel Pharmaceuticals (Nasdaq: RIGL) announced that its rheumatoid arthritis drug candidate missed Phase II study goals.

In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points to 540.

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This page contains a single entry by published on July 24, 2009 6:45 AM.

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