Network Appliance is the latest company to report perfectly acceptable results - and get beaten over the head for it.
Shares of NetApp fell 5% after hours on Tuesday after meeting earnings estimates and beating revenue estimates - and that was on top of a 4% decline during the day.
Just another stock come too far too fast.
With earnings up 80% year-over-year and revenues up 28%, the network attached storage champ's business is in fine shape. But at $23 a share, investors wanted more than 9-cent earnings from NetApp, which is up about 150% off its lows this year.
The market showed the same hesitance to bid stocks higher during the day, as an early rally collapsed in broad-based selling amid valuation and terrorism fears.
The Nasdaq fell 27 to 1881, the S&P 500 lost 9 to 1034, and the Dow dropped 86 to 9624. Volume declined to 1.31 billion shares on the NYSE, but rose to 1.9 billion on the Nasdaq. Decliners led 19-13 on the NYSE, and 19-12 on the Nasdaq. Downside volume was 70% on the NYSE, and 72% on the Nasdaq. New highs-new lows were 141-12 on the NYSE, and 149-18 on the Nasdaq. Hitachi Takes Second Shot at North American Blade Market::
this market, even with solid hardware, takes a lot of time and a lot technical enewsletter from NetApp. Disappoints, Shares Tumble (5555)
http://www.eweek.com/c/a/IT-Infrastructure/Hitachi-Takes-Second-Srth-American-Blade-MarketHOME |
Good news users: Flash memory prices continue to tumble | Computerworld ::
prices have been dropping for a year now, and the only thing Take customer relationship management to Tech OnTap: NetApps monthly technical
http://blogs.computerworld.com/flash_memory_prices_continue_to_slideHOME |
Agilent and ATI rose on better than expected results.
Sun Microsystems rose 2% on news that the company will help build a national standard desktop system in China, but that was well off the stock's highs.
Yahoo tumbled 6% on potential search engine competition from Microsoft.
Symanetc plunged 7% on fears of competition from Microsoft and CA. Page 2 - Unicenter NSM Takes Leap Forward::
Killing Botnets: A View From the Trenches from McAfee Get Tech On Tap technical enewsletter from NetApp. 7 - VMware Forecast Disappoints, Shares Tumble (5010)
http://www.eweek.com/c/a/Infrastructure/Unicenter-NSM-Takes-Leap-Forward/1HOME |
InternetNews Realtime IT News - Stocks Tumble as Worries Mount::
A Stocks, Oil Rise Together. Storage. NetApp Dedupes LinuxWorld 04: A More Mature Tux. LinuxWorld Storms San Francisco. LinuxWorld Takes Boston
http://www.internetnews.com/bus-news/article.php/3753596/Stocks+Tumble+as+Worries+Mount.htmHOME |
Looksmart jumped 10% on a deal with BellSouth.
Advanced Fibre fell 7.5% on a valuation downgrade.
Wind River dropped 8% after missing estimates.
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:
http://www.InternetStockReport.com.
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