Dow in the black as Nasdaq extends fall AMERICAS USA 2ND EDITION

Ted Scalise, a portfolio manager at Duncan Hurst Capital Management, said Cisco's earnings failed to impress investors because their expectations were too high. "Cisco, to me, had a pretty good quarter but this stock has obviously had a big move since the rally began and expectations got a...

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Bibliographic Details
Published inThe Financial times (London ed.)
Main Author Chung, Mary
Format Newspaper Article
LanguageEnglish
Published London (UK) The Financial Times Limited 07.08.2003
Subjects
Software
Stocks
NEW YORK
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Summary:Ted Scalise, a portfolio manager at Duncan Hurst Capital Management, said Cisco's earnings failed to impress investors because their expectations were too high. "Cisco, to me, had a pretty good quarter but this stock has obviously had a big move since the rally began and expectations got ahead of reality." By the closing bell, the Nasdaq was off another 1.2 per cent, or 20.82, to 1,652.68. The Dow Jones Industrial Average, which had accelerated gains in the afternoon, saw momentum falter by the close, ending up 25.42 to 9,061.74, while the S&P 500 index added 1.62 to 967.08. Lehman Brothers provided a lift to the auto sector after analyst Darren Kimball raised his rating on Ford and General Motors, citing their ability to maintain a dividend and strong industry sales that will probably stay healthy if the economy improves. Shares in Ford rose 1.2 per cent to Dollars 10.65 while GM tacked on 1 per cent to Dollars 36.56.
ISSN:0307-1766