Intel's $7 billion stimulus plan was no match for disappointment over the latest government financial rescue plan.
Stocks plunged Tuesday on disappointment over a lack of details in a new Treasury Department financial rescue plan, overshadowing an optimistic announcement from Intel (NASDAQ: INTC).
The S&P 500 had rallied 5% last week in anticipation of the announcement — then gave it all back in a single day on worries about the lack of details on plans to price distressed financial assets and halt foreclosures.
The announcement overshadowed Senate approval of an $838 billion economic stimulus bill and plans by Intel (NASDAQ: INTC) to invest $7 billion in new U.S. 32-nanometer manufacturing plants.
Intel's news couldn't even help the chip sector, which ended the day 4.6% lower. Intel shares lost 5.6%.
Apple (NASDAQ: AAPL), Google (NASDAQ: GOOG) and Cisco (NASDAQ: CSCO) were among the names exceeding the Nasdaq's 4.2% loss, and Sun (NASDAQ: JAVA) and Yahoo (NASDAQ: YHOO) got hit hard with profit-taking after recent run-ups.
SiRF (NASDAQ: SIRF) soared 55% on plans to merge with Bluetooth firm CSR.
Brooks Automation (NASDAQ: BRKS) plunged 22% on its results.
But Qwest (NYSE: Q) was a rare bright spot, up 2% after beating estimates.
After the close, Applied Materials (NASDAQ: AMAT), Nvidia (NASDAQ: NVDA) and Computer Sciences (NYSE: CSC) slipped after releasing their quarterly results.
The Nasdaq plunged 66 to 1524, the S&P 500 lost 42 to 827, and the Dow tumbled 382 to 7888. Volume rose to 8.04 billion shares on the NYSE, and 2.47 billion on the Nasdaq. Decliners led by a 31−6 margin on the NYSE, and 22−5 on the Nasdaq. Downside volume was 96% on the NYSE, and 93% on the Nasdaq. New highs-new lows were 12−104 on the NYSE, and 7−100 on the Nasdaq.
Microsoft, Intel Lead Tech Stock Rally Optimism that technology companies could benefit from a massive government stimulus plan sent the Nasdaq more than 1% higher today.
Tech stocks posted solid gains Monday despite an industry report detailing falling chip sales.
The Semiconductor Industry Association reported that chip sales plunged 22% in December, but with fourth-quarter earnings reports largely out of the way, investors [...]
Intel Sees a Bottom, but Investors Have Doubts Intel makes a bold call, but the company's guidance leaves room for doubt.
Intel (NASDAQ: INTC) called a bottom in the PC market late Tuesday, but investors acted like they didn't believe it.
Intel posted first-quarter earnings and sales that were down significantly, yet still managed to beat expectations.
But the biggest news was an accompanying statement by [...]
Intel Drags Chip Stocks Lower Intel sees a bottom in PC sales, but it's the rest of the stock market that benefits.
The stock market rebounded on Wednesday, but chip stocks were left behind on a mixed outlook from Intel (NASDAQ: INTC).
Intel shares slumped 2.4% after the company called a bottom in the PC market but issued a cautious outlook for [...]
Upgrades Can't Save Dell, Cisco Good news for Dell, Cisco and Apple investors just meant falling less than the rest of the stock market.
The 16-month-old bear market added another "worst ever" to its list of accomplishments today, sending stocks plunging in the weakest start to the month of March in market history.
Every stock in the big-cap Nasdaq 100 ended the [...]
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