US stocks slide on oil's drop
Updated: 2007-01-26 14:00
MICROSOFT REBOUNDS AFTER THE BELL
In regular trading, Microsoft shares fell 64 cents to close at $30.45 and were the heaviest weight on the Nasdaq.
But the stock turned around after the close as the software maker posted quarterly earnings that topped Wall Street's estimates, driven by sales of database software and its Xbox 360 game console. Microsoft also raised its full-year profit target.
In extended-hours electronic trading, Microsoft shares rose 2.8 percent to $31.31 -- not far below their high for the year reached earlier this month.
In contrast, shares of Amgen Inc., the world's largest biotechnology company, slid almost 3.3 percent to $72.30 after the closing bell. The price drop followed Amgen's earnings report, which showed a profit just shy of analysts' estimates and disappointing clinical trial results. The stock had closed on Nasdaq at $74.85, down 0.4 percent, or 29 cents.
BOEING AND AIG FALL
In the regular session, shares of Dow component Boeing Co. declined 1.6 percent, or $1.44, to $86.16 on the NYSE after the company said it will not use a wireless network to deliver in-flight entertainment on its 787 "Dreamliner" plane. Investors are on edge about any sign that Boeing will emulate rival Airbus in delaying deliveries of its revolutionary aircraft. Boeing led the Dow lower.
Also pressuring the Dow, shares of American International Group Inc. fell 1.4 percent, or 99 cents, to $68.89 on the NYSE after the world's largest insurer said it wants to buy the outstanding 38.1 percent of 21st Century Insurance Group that it doesn't already own.
Shares of 21st Century surged 26.2 percent, or $4.34, to $20.93 and ranked as the NYSE's biggest percentage gainer.
A bright spot was offered by online marketplace eBay, whose shares jumped 8.2 percent, or $2.45, to $32.45 on Nasdaq, recording their biggest one-day gain in eight months, a day after the company reported earnings that topped Wall Street's expectations.
Trading was active on the New York Stock Exchange where about 1.76 billion shares were traded, below the 1.84 billion daily average for last year. On Nasdaq, about 2.28 billion shares traded, above the 2.02 billion daily average last year.
Declining shares beat advancing shares by a ratio of about 3 to 1 on the NYSE, and on the Nasdaq, by about 7 to 3.
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