Oracle Expresses Hostility
PeopleSoft soared 18% on the news - 10% higher than Oracle's $16 offer price - on speculation that other companies may now make a bid for the enterprise application company.
PeopleSoft called the move "atrociously bad behavior," and called Oracle's offer an attempt to derail PeopleSoft's attempt to acquire JD Edwards. JDEC stock rose only 3.2% on the day - the widening gulf between JDEC and PSFT stock means that investors now see increased risk for the companies' merger plans.
The broader market initially soared on a better than expected jobless report - but then sold off hard the rest of the day on near-record volume.
The Nasdaq fell 18 to 1627, the S&P 500 lost 2 to 987, and the Dow gained 21 to 9062. Volume rose to 1.84 billion shares on the NYSE, and 2.98 billion on the Nasdaq. Decliners led by a few issues on the NYSE, and by 17-14 on the Nasdaq. Downside volume was 56% on the NYSE, and 62% on the Nasdaq. New highs-new lows were 577-2 on the NYSE, and 446-5 on the Nasdaq.
Microsoft fell once again on concerns about growth, the Linux challenge and insider selling.
IBM lost 2.3% on a Business Week article that said an SEC investigation into the company's revenue recognition practices may be broader than reported.
Intel slipped 0.4% despite a mid-quarter update that was initially well received.
HP, up 0.6%, remains the top storage company, although IBM and Dell are growing fast.
Leaders eBay, Yahoo and Amazon lost 4-6% each.
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