Tech
Tech stocks retreat
Technology stocks retreated Thursday after a week of strong gains especially among Internet stocks. The Dow Jones industrial average fell 23.
Technology stocks retreated Thursday after a week of strong gains especially among Internet stocks. The Dow Jones industrial average fell 23.41 points to end at 9025.26 while the Nasdaq shed 20.28 points to 1894.18. The @Net Index also clipped 4.72 points to close at 390.28.
It was a languid end to a hyperactive week for technology investors. With earnings due out in the next three weeks, investors will now find out just how much of an impact the Asian economic crisis has had on key technology bellwethers.
AT&T Corp. on Thursday fell another 1 13/16 to 54 15/16 as investors continue to fret about the lingering implications of its recently announced merger with Tele-Communications Inc. GTE Corp. finished up 3/16 to 56 7/16 and WorldCom Inc. added 7/16 to close at 50 3/16.
Winners and losers
Netscape Communications Corp.made another big move, picking up 5 5/8 to 41 15/16. Amazon.com Inc. bucked the selling trend in Internet stocks Thursday, shooting up another 9 7/8 to an all-time high of 124. Yahoo! Inc. managed to push up another 3 to 172 7/8 but Excite Inc. and Lycos Inc. lost 1 7/16 and 2 15/16 per share, respectively. America Online Inc. fell 5/8 to 110 1/8 and Infoseek Inc. shed 5/16 to close at 37 =. Parametric Technology Corp. fell another 8 >, or 35 percent, to 16 1/16 after falling more than 9 percent on Wednesday. The software maker is feeling the wrath of investors after preannouncing lower-than-expected sales and earnings in the quarter. Intel Corp. closed off 1 13/16 to 73 3/8. Advanced Micro Devices Inc. was unchanged at 16 > and IBM Corp. plunged 1 9/16 to end at 115 3/16. Microsoft Corp. dipped 2 18 to 107 < while Oracle Corp. and Sun Microsystems Inc. lost 1 3/16 and 2 7/16 per share, respectively. Compaq Computer Corp. shed 7/16 to 52 9/16. Dell Computer Corp. slid 1 1/16 to 92 7/8 and Gateway Inc. dropped 1 7/16 to 52 9/16. Among widely held networking issues, Cisco Systems Inc. sawed off 1 15/16 to 92 5/8; 3Com Corp. clipped 7/8 to 29 3/8; Ascend Communications Inc. added > to 49 and Bay Networks Inc. inched up 1/8 to 32 1/16.
Netscape Communications Corp.made another big move, picking up 5 5/8 to 41 15/16. Amazon.com Inc. bucked the selling trend in Internet stocks Thursday, shooting up another 9 7/8 to an all-time high of 124. Yahoo! Inc. managed to push up another 3 to 172 7/8 but Excite Inc. and Lycos Inc. lost 1 7/16 and 2 15/16 per share, respectively. America Online Inc. fell 5/8 to 110 1/8 and Infoseek Inc. shed 5/16 to close at 37 =. Parametric Technology Corp. fell another 8 >, or 35 percent, to 16 1/16 after falling more than 9 percent on Wednesday. The software maker is feeling the wrath of investors after preannouncing lower-than-expected sales and earnings in the quarter. Intel Corp. closed off 1 13/16 to 73 3/8. Advanced Micro Devices Inc. was unchanged at 16 > and IBM Corp. plunged 1 9/16 to end at 115 3/16. Microsoft Corp. dipped 2 18 to 107 < while Oracle Corp. and Sun Microsystems Inc. lost 1 3/16 and 2 7/16 per share, respectively. Compaq Computer Corp. shed 7/16 to 52 9/16. Dell Computer Corp. slid 1 1/16 to 92 7/8 and Gateway Inc. dropped 1 7/16 to 52 9/16. Among widely held networking issues, Cisco Systems Inc. sawed off 1 15/16 to 92 5/8; 3Com Corp. clipped 7/8 to 29 3/8; Ascend Communications Inc. added > to 49 and Bay Networks Inc. inched up 1/8 to 32 1/16.