IoT
Business & Finance
News
1/27/2004
04:52 PM
50%
50%

TECH STOCKS: A Day For Taking Profits

Tech issues absorbed the brunt of a sell-off after Monday's big gains.

Profit-takers dominated Tuesday's trading as investors capitalized on Monday's big gains, and tech stocks absorbed the brunt of the sell-off. Losers included Identix, which fell 35 cents, or 6.7%, to close at $4.87. Compuware, Hyperion Solutions, RSA Security, and webMethods all fell more than 5%. Fair Isaac and Co. was the big winner among our InformationWeek 100 stocks, rising 7.1%, or $3.90, to finish at $58.90.

Our InformationWeek 100 fell 1.90%, or 6.58 points, to close at 340.63. The Nasdaq Composite Index also fell, dropping 1.8%, or 37.79 points, to close at 2,116.04. The Dow fell 0.8%, or 89.11 points, to close at 10,613.40, and the S&P 500 fell 1%, or 11.22 points, to close at 1,144.15.

The Nasdaq-100 tracking stock also ended lower, falling 74 cents, or 1.9%, to close at $37.85 on slightly higher-than-normal trading volume of 90 million shares.

At least one analyst saw Tuesday's activity as healthy. "We're still in a good environment, we're still in an upward trend," Todd Leone, managing director of equity trading at SG Cowen Securities, told The Associated Press. "I like to see us go down a little bit, actually, it's healthy. You don't want to see the market going in a straight line up."

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Register for InformationWeek Newsletters
White Papers
Current Issue
Top IT Trends to Watch in Financial Services
IT pros at banks, investment houses, insurance companies, and other financial services organizations are focused on a range of issues, from peer-to-peer lending to cybersecurity to performance, agility, and compliance. It all matters.
Video
Slideshows
Twitter Feed
InformationWeek Radio
Archived InformationWeek Radio
Join us for a roundup of the top stories on InformationWeek.com for the week of July 17, 2016. We'll be talking with the InformationWeek.com editors and correspondents who brought you the top stories of the week to get the "story behind the story."
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.