Business & Finance
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7/6/2004
05:22 PM
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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.

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