yeah...and..this..
US stocks slump; Microsoft tumbles more than 6 pct
October 24, 2003 10:24:00 AM ET
(Updates to early morning)
By Denise Duclaux
NEW YORK, Oct 24 (Reuters) - Stocks dropped on Friday after a cautious outlook from Microsoft Corp. (MSFT), the world's largest software maker, aggravated investor concerns over the big jump on Wall Street this year.
"Microsoft is the primary driver of (the declines)," said Tom Schrader, managing director of U.S. equity trading at Legg Mason Wood Walker. "There is still a lot of nervousness out there. The market was priced to perfection going into this week. We were extremely overbought."
This week has been the busiest week of the third-quarter earnings season. The majority of companies this season have reported earnings in line with or better than expectations, but investors this week have been selling on good results as they demand stronger numbers to justify the run-up over past months.
The technology-packed Nasdaq Composite Index skidded 22 points, or 1.19 percent, to 1,863. The Dow Jones industrial average fell 56 points, or 0.58 percent, to 9,556. The broad Standard & Poor's 500 lost 7 points, or 0.75 percent, to 1,025.
Microsoft fell $1.83, or 6.3 percent, to $27.08, notching its worst one-day drop in nine months and leading the Dow lower. The company posted a rise in quarterly profit and upped its outlook for the current fiscal year, although within the range expected by Wall Street.
The Nasdaq heavyweight said concerns over the security of its software had cut into new contracts in the latest quarter.
Scientific-Atlanta Inc. (SFA), the maker of set-top boxes and other equipment for cable companies, tumbled $5.43, or 15.5 percent, to $29.60. The company said first-quarter profits rose, but reports disappointing shipments of its most advanced set-top boxes to cable operators.
Gateway Inc. (GTW) plunged $1.30, or 21.3 percent, to $4.80. The company posted its 11th quarterly loss in three years as the company lost money in its core personal computer business and struggled to reinvent itself as a consumer electronics store that sells a broad range of products.
JDS Uniphase Corp. (JDSU) skidded 35 cents, or 9.3 percent, to $3.43. The fiber-optic components maker posted a quarterly net loss and lower sales due to weak demand in the communications industry. JDS also forecast weaker-than-expected sales in the current quarter. REUTERS
© 2003 Reuters
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