Stocks ended a choppy session higher, as investors parsed through positive news in U.S. and Europe. Germany's parliament approved expanded powers for the eurozone's bailout fund. Europe's debt crisis has kept investors on edge for months. Modestly improved economic numbers, including GDP growth at 1.3% and roughly 391,000 new unemployment claims last week, still indicate that the U.S. economy is sputtering. Advanced Micro Devices and Netflix fell sharply and the rest of the tech sector gave up earlier gains from a broad market uptick. AMD fell after a statement lowering its expected revenue gain for the third quarter to a range of 4%-6%. Research In Motion fell more than 3% after the co. issued a statement denying an earlier analyst report that claimed it was considering an exit from the tablet business following disappointing sales of its PlayBook. Among few tech gainers were Hewlett-Packard, Oracle, and IBM. In the evening trade Micron lost 3.4% after the co. reported a net loss of $0.14 a share in its fiscal fourth quarter, while analysts had expected earnings of $0.01 a share. Implied volatility inched higher on moderate volumes.
Friday, September 30, 2011
Sank on weakness in AMD and Netflix
Stocks ended a choppy session higher, as investors parsed through positive news in U.S. and Europe. Germany's parliament approved expanded powers for the eurozone's bailout fund. Europe's debt crisis has kept investors on edge for months. Modestly improved economic numbers, including GDP growth at 1.3% and roughly 391,000 new unemployment claims last week, still indicate that the U.S. economy is sputtering. Advanced Micro Devices and Netflix fell sharply and the rest of the tech sector gave up earlier gains from a broad market uptick. AMD fell after a statement lowering its expected revenue gain for the third quarter to a range of 4%-6%. Research In Motion fell more than 3% after the co. issued a statement denying an earlier analyst report that claimed it was considering an exit from the tablet business following disappointing sales of its PlayBook. Among few tech gainers were Hewlett-Packard, Oracle, and IBM. In the evening trade Micron lost 3.4% after the co. reported a net loss of $0.14 a share in its fiscal fourth quarter, while analysts had expected earnings of $0.01 a share. Implied volatility inched higher on moderate volumes.
