The Dow Gained 13 Points, Nasdaq Slipped 13

The Dow added 12.88 points today to close at 11,103.55, the Nasdaq fell 13.13 points to close at 2,116.93 and the S&P 500 gained 1.86 points to close at 1,267.34. The markets ended mixed today as investors grew anxious ahead of earnings season. The Dow finished higher as investors looked for bargains among blue chips. The Nasdaq finished lower as the sell-off continues in the tech sector. Oil closed $0.48 lower to $73.61. COMEX Gold fell to $626.10 an ounce.

Volume was light today with 1.28 billion shares trading on the NYSE and 1.62 billion on the Nasdaq. Advancers topped decliners by a margin of 20:13 on the NYSE, but decliners beat advancers 17:14 on the Nasdaq.

In individual stories, Standard Microsystems (Nasdaq: SMSC) closed up 19.7% after reporting Q1 earnings of $0.33 per share, this includes a favorable $0.03 from quarterly tax provision, versus the consensus of $0.24. Revenues came in at $86.1 million, versus the consensus of $83.72 million. The company also said it sees Q2 EPS of $0.32-$0.36 versus the consensus of $0.29, and sees Q2 revenues of $92-$96 million versus the consensus of $86.6 million. Connetics Corporation (Nasdaq: CNCT) ended 33.6% lower after the company said it expects revenues and earnings per share for the second quarter, and for the full year 2006, to be materially below the amounts included in the guidance that the Company provided on May 3, 2006.

Tomorrow, traders will be looking for Pepsi Bottling (NYSE: PBG) and Genentech (NYSE: DNA) to report quarterly earnings.

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