NEW YORK (AP) - Shares of Level 3 Communications Inc. helped pull the Nasdaq
100 index up in midday trading after the Internet network provider inked a deal
with the National Hockey League.
The index, which includes 100 of the largest nonfinancial securities listed
on the Nasdaq Stock Market, gained 10.88 points to 1,802.19 in midday trading.
The broader Nasdaq composite added 14.51 points to 2,359.50.
Shares of Level 3 rose 14 cents, or 6.2 percent, to $2.40. The Broomfield,
Colo., company said Wednesday that it has signed a contract with the NHL to
support video, high-speed Internet and content delivery service needs.
Investors pulled Baidu shares up $14.65, or 6.2 percent, to $250.16. The
stock has fallen more than 37 percent since Dec. 28, due in part to a broader
drop in tech stocks.
Shares of Juniper Networks Inc. gained $1.27, or 4.6 percent, to $28.78.
On the losing side, shares of Autodesk Inc. fell $6.08, or 15.6percent, to
$33.02 after the design software maker posted relatively flat fourth-quarter
profit and cut its first-quarter and fiscal 2009 estimates.
Shares of Lamar Advertising Co. dropped $2.67, or 6.3 percent, to $40.04
after the company, which owns and operates outdoor advertising and logo sign
displays, posted fourth-quarter results that fell short of Wall Street
expectations, and said it expects first-quarter sales to miss analysts'
estimates. Shares hit a 52-week low of $37.70 earlier in the session.
And shares of NII Holdings Inc. shed $1.78, or 4.1 percent, to $41.19. The
company, which provides wireless communication services in Latin America, said
Wednesday that fourth-quarter earnings rose 19 percent. It offered revenue
guidance for 2008 that came in slightly below analyst expectations.
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