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Closing bell: Tech trumps earnings

Today was an odd day, with technology stocks taking the trump card and dominating most earnings reports. The NASDAQ was the strong index today, although the DJIA and the S&P tried unsuccessfully to erase most of their losses toward the closing bell today. With oil rising every day, you'd think at some point it would affect things. Not yet. Here are the unofficial closing bell prices for major US index levels:
  • DJIA 12,822.41 (-26.95; -0.21%)
  • S&P500 1,388.06 (-2.27; -0.16%)
  • NASDAQ 2,408.04 (+5.07; +0.21%)
  • 10YR-TBOND 3.712% (-0.031)
  • 52-WEEK LOWS
Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) reported first quarter losses of $68.8 million, or $0.51 EPS, wider than the $49.4 million in the first quarter of 2007. Losses are credited to a drop in sales in diabetes treatment, Byetta, a drug they co-market with Eli Lilly (NYSE: LLY), and increased expenses. Analysts estimated losses of $0.47 EPS. The 52-week range is $23.75 to $53.25. Shares were down over 10% at $28.13 in the final minutes of trading today.
Arch Coal, Inc. (NYSE: ACI) nearly tripled earning from first quarter 2007, posting earnings of $81.1 million and $0.56 EPS. They also upped their outlook and guidance. Shares were up over 6% in the final minutes of trading at $62.13.

Bank of America Corporation (NYSE: BAC) missed its earnings targets and disclosed more data the market took as bad news. The good news is that it didn't get worse considering this was what many headlines blamed for the stock market being down. Shares were down almost 3% at $37.45 in the final minutes of the day.

Mattel, Inc. (NYSE: MAT) showed a first-quarter loss of $46.6 million, for a loss of $0.13 per share. The largest toymaker said it will raise toy prices this year. Cost increases and legal matters also accounted for the loss. Shares were down almost 8% at $20.07 at the end of the day.

National City Corporation (NYSE: NCC) secured $7 billion in financing to keep it afloat after taking huge hits in the subprime crisis, but we noted that this was takeunder financing at a steeper than steep discount. A loss of $171 million and dividends cuts sent the stock sinking. Shares were down 28% at $5.99 in the final minutes of trading.

Packeteer Inc. (NASDAQ: PKTR), the internet traffic manager, is to be purchased for $268 million cash by Blue Coat at $7.10 per share. Packeteer rejected a $200.8 bid from Elliot Associates earlier this year. Shares were up almost 13% at the end of the day.

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IndexesChangePrice
DJIA+73.0311,288.54
NASDAQ-6.082,245.38
S&P 500+1.381,262.90

Last updated: July 06, 2008: 07:19 AM

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