TECH STOCKS: Technology Issues Lead The Way

Most techs had a good day, but telecom stocks slumped because of bad news from AT&T and SBC.

George V. Hulme, Contributor

October 21, 2003

1 Min Read

Technology proved to be Tuesday's big winner, following a positive earnings report from Texas Instruments. But the telecommunications market's inability to shrug its doldrums held the Dow Jones down following downbeat news from AT&T.

Our InformationWeek 100 index rose 1.2 points, or 0.4%, to 300.18. The Nasdaq Composite rose 15.76 points, or 0.8%, to 1,940.90. The S&P 500 rose 1.35 points, or 0.1%, to end the day at 1,046.03. The Dow fell 30.3 points, or 0.3%, to close at 9,747.64.

The Nasdaq-100 tracking stock rose 0.7%, or 23 cents, to $35.04 on lower-than-average volume of 66 million shares.

AT&T's share price fell 5.1% to $20 as sales fell 8.1% because of a decline in long-distance revenue. The company also said that a review by its outside counsel found that two employees circumvented proper procedure and hid expenses totaling $32 million, or 4 cents a share, in 2002, and $45 million, or 6 cents a share, in 2001.

SBC Communications fell 1.8% to $22 after missing analysts' expectations.

About the Author(s)

George V. Hulme


An award winning writer and journalist, for more than 20 years George Hulme has written about business, technology, and IT security topics. He currently freelances for a wide range of publications, and is security blogger at

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