Disappointing earnings reports and a surge in weekly jobless claims sent stocks lower on Thursday.

The Nasdaq lost 8 to 1457, the S&P 500 declined 7 to 911, and the Dow fell 75 to 8440. Volume declined to 1.5 billion shares on the NYSE, and 1.65 billion on the Nasdaq. Decliners led 19-13 on the NYSE, and 17-13 on the Nasdaq. Downside volume was 68% on the NYSE, and 57% on the Nasdaq. New highs-new lows were 131-22 on the NYSE, and 145-29 on the Nasdaq.

After the close, Amazon surged near a 52-week high (28.04) after beating estimates and raising guidance. Western Digital, Sina.com and Digital Insight beat estimates, VeriSign and NetIQ met estimates, and Emulex and Openwave guided lower.

During the day, Overture plunged 30% on dismal results.

SBC gained 3.3% on better than expected earnings. That helped out Verizon, which gained despite adverse rulings by the FCC and a judge who said the company must reveal the names of customers who may have illegally downloaded ed music.

Microsoft slipped 1% as it formally unveiled Windows Server 2003.

Lucent fell 3.5% on the resignation of COO Bob Holder.

Digital River, Intersil, Veritas, Microchip and Micromuse surged on their earnings reports.

eResearch, Symantec and Siebel rose on their results, while Qualcomm and KLA-Tencor declined on theirs.

AOL, off 1.4%, will offer wireless IM.

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