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A Wounding Week For Investors

Despite one of the more sobering weeks in terms of revenue warnings from tech firms, many issues in our InformationWeek 100 index rose Friday.

Tony Kontzer

July 9, 2004

1 Min Read

A mild uptick Friday on Wall Street helped keep a bad week from getting worse as investors looked past a string of disturbing earnings warnings. The markets got a boost from strong outlooks coming out of SAP and General Electric, and StorageTek and Computer Associates fared well despite cautious guidance about their upcoming earnings.

Tech issues led Friday's modest rally. SAP rose $2.08, or 5.5%, to $40.04, and CA rose $1.27, or 5.2%, to $25.81. Veritas, fresh off its own earnings warning, posted its second consecutive daily gain, rising 70 cents, or 3.9%, to $18.50. Dell rose 84 cents, or 2.4%, to $35.94; Intel was up 35 cents, or 1.3%, to $26.57; and Siebel Systems rose 13 cents, or 1.6%, to $8.11, a day after it said it would fall more than $50 million short of quarterly revenue projections. The Nasdaq-100 tracking stock rose 5 cents, or 0.1%, to $35.75, but was off 2.9% for the week.

Buoyed by the abundant gains among tech stocks, our InformationWeek 100 rose 1.2%, or 3.39 points, to 298.65. The Nasdaq rose 11.01 points, or 0.6%, to 1,946.33. The Dow rose 41.66 points, or 0.4%, to 10,213.22, and the S&P 500 rose 3.7 points, or 0.3%, to 1,112.81. For the week, however, the opposite was true, as the Nasdaq fell 3%, the InformationWeek 100 fell 4.7%, the Dow fell 0.6%, and the S&P 500 fell 1%.

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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