IBM stock took a 4% hit Tuesday on news of an SEC accounting investigation, but the rest of the market responded with a collective yawn.
The SEC investigation into IBM's revenue recognition practices in 2000 and 2001 is targeted at only about 1% of the company's revenues, Goldman Sachs estimated. But IBM could face risk if the investigation begins to broaden.
Surprisingly, the broader market posted modest gains despite the news of accounting troubles at the ninth biggest U.S. company by market capitalization.
The Nasdaq rose 12 to 1603, the S&P 500 climbed 4 to 971, and the Dow gained 25 to 8922. Volume declined to 1.42 billion shares on the NYSE, and 2.1 billion on the Nasdaq. Advancers led 17-14 on the NYSE, and 16-15 on the Nasdaq. Upside volume was 48% on the NYSE, and 66% on the Nasdaq. New highs-new lows were 343-2 on the NYSE, and 156-7 on the Nasdaq. Comcast hits the snooze button | Tech news blog - CNET News.com::
Someone at Comcast, it seems, is a fan of the opera, and has IBM. Media. Microsoft. Music. Open source. Oracle. PCs. Politics. Processors. Science. Search
http://news.cnet.com/8301-10784_3-9879848-7.htmlHOME |
After the close, Comverse beat estimates and Altera raised guidance.
During the day, VeriSign surged 6.8% on a deal with Microsoft. Skeptical News::
The essay is a follow-up to Dawkins powerful article, Already, Kasparov has experienced defeat at the hands of a computer: IBMs Deep Blue in 1997.
http://www.ntskeptics.org/news/news2003-02-02.htmHOME |
Brocade soared 20% on a Merrill Lynch upgrade.
Sun slipped 1% after slashing server prices.
ValueClick gained 1.6% on an acquisition.
AT&T slipped 1.5% on wireless spending plans.
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:
http://www.InternetStockReport.com.
 Analysts: No Quarterly Surprises for Intel
 IBM's Accounting Scrutiny Dates Back
| 
HOME