Market Wrap-Up: Tech Stocks Rebound - InformationWeek
IoT
IoT
News
News
7/21/1999
03:10 PM
50%
50%
RELATED EVENTS
Dun & Bradstreet CAO Discusses Her Roll & The Skills Needed to Do the Job
Jul 26, 2017
LWhat does a chief analytics officer do each day? To help us answer that question we welcome Dun & ...Read More>>

Market Wrap-Up: Tech Stocks Rebound

Technology stocks recovered about one-third of the ground they lost in yesterday's major sell-off, but blue chips remained unchanged as investors waited to hear Thursday's testimony from Federal Reserve Chairman Alan Greenspan.

Greenspan is scheduled to deliver his semiannual Humphrey-Hawkins testimony on monetary policy before the House Banking Committee on Thursday. The testimony can have a dramatic effect on stock and bond prices.

The Dow Jones industrial average advanced 6.65 points, or 0.1%, to 11,002.78. The Nasdaq Composite rose 29.56 points, or 1.1%, to 2,761.74. Tuesday's 3.5% plunge in the Nasdaq was its worst in more than three months.

The day's star performer among technology stocks was music distributor MP3.com (MPPP), which closed at 63-5/16 on its first day of trading. The company raised about $344 million by selling 12.3 million shares at $28 each in its initial public offering.

Computer hardware stocks were higher, except for Gateway (GTW), which declined 1-5/8 to 65-3/4. Apple Computer (AAPL) rose 1-3/16 after it unveiled its iBook laptop, which comes in blueberry and tangerine colors and has a retail price of $1,600. Some analysts had expected the iBook to come out at a lower price.

Among other hardware stocks, IBM (IBM) was up 3/4 at 129, Hewlett-Packard (HWP) advanced 1-15/16 to 112-9/16, Compaq (CPQ) added 3/8 to 26, and Dell Computer (DELL) rose 1/8 to 41-1/4.

Data storage company EMC (EMC) rose 3-1/4 to 63-5/16 after reporting second-quarter net income that was a record for the company and that exceeded analysts' estimates. EMC's revenue for the second quarter was a record $1.29 billion, 36% higher than the second quarter of 1998. Net income for the quarter was a record $289 million, up 52% compared with the second quarter of 1998.

Enterprise resource planning vendors' stocks were mixed, with Oracle (ORCL) up 5/8 to 38-1/8, SAP (SAP) up 1/2 to 33-15/16, PeopleSoft (PSFT) down 1/2 to 14, and J.D. Edwards (JDEC) down 5/8 to 16-3/8. Among supply-chain vendors, Manugistics (MANU) was down 7/32 to 14-1/8, while i2 Technologies (ITWO) was up 1-15/32 to 42-15/32.

Networking stocks were mostly flat. Cisco Systems (CSCO) rose 13/16 to 63-1/16, while Lucent Technologies (LU) added 3/16 to 70-1/8.

Internet stocks regained some of the ground they lost yesterday, with Yahoo (YHOO) jumping 9-3/4 to 151-7/8, and eBay (EBAY) rising 2-3/8 to 115-5/16.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
How Enterprises Are Attacking the IT Security Enterprise
How Enterprises Are Attacking the IT Security Enterprise
To learn more about what organizations are doing to tackle attacks and threats we surveyed a group of 300 IT and infosec professionals to find out what their biggest IT security challenges are and what they're doing to defend against today's threats. Download the report to see what they're saying.
Register for InformationWeek Newsletters
White Papers
Current Issue
IT Strategies to Conquer the Cloud
Chances are your organization is adopting cloud computing in one way or another -- or in multiple ways. Understanding the skills you need and how cloud affects IT operations and networking will help you adapt.
Video
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Flash Poll