Business & Finance
News
7/6/2004
05:22 PM
Connect Directly
RSS
E-Mail
50%
50%

Oil Prices, Profit Warnings Steamroll Techs

The InformationWeek 100 fell a whopping 3.6%, and the Nasdaq Composite was down 2.2%.

Technology stocks got hit hard Tuesday amid news of rising oil prices and some disappointing earnings news.

Chipmaker Conexant warned investors that its shrinking market share and weak wireless-LAN sales would cause the company to fall short of its earlier third-quarter estimates. Also, storage-software maker Veritas lost more than a third of its stock value, falling $9.55, to $17, after the company warned its second-quarter profit would be lower than earlier guidance suggested. Other big tech losers Tuesday included Applied Micro Circuits and Siebel Systems.

Our InformationWeek 100 fell fully 3.6%, or 11.18 points, to 302.28. The Nasdaq fell 43.23 points, or 2.2%, to close at 1,963.43. The Dow fell 63.49 points, or 0.6%, to 10,219.34, and the S&P 500 fell 0.8%, or 9.2%, to 1,116.19.

The Nasdaq-100 tracking stock fell 8 cents, or 2.2%, to $36.82 on very heavy volume of nearly 128 million shares.

See the full listing of all the companies in the InformationWeek 100 and the top 5 percentage winners and losers for the last closing at informationweek.com/stocks.

Comment  | 
Print  | 
More Insights
The Business of Going Digital
The Business of Going Digital
Digital business isn't about changing code; it's about changing what legacy sales, distribution, customer service, and product groups do in the new digital age. It's about bringing big data analytics, mobile, social, marketing automation, cloud computing, and the app economy together to launch new products and services. We're seeing new titles in this digital revolution, new responsibilities, new business models, and major shifts in technology spending.
Register for InformationWeek Newsletters
White Papers
Current Issue
InformationWeek Tech Digest - July 22, 2014
Sophisticated attacks demand real-time risk management and continuous monitoring. Here's how federal agencies are meeting that challenge.
Flash Poll
Video
Slideshows
Twitter Feed
InformationWeek Radio
Archived InformationWeek Radio
A UBM Tech Radio episode on the changing economics of Flash storage used in data tiering -- sponsored by Dell.
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.