Market Wrap: Internet Stocks Slide - InformationWeek

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Market Wrap: Internet Stocks Slide

Markets fell today after profit-taking from investors and a warning from Federal Reserve Chairman Alan Greenspan that central banks need to pay closer attention to stock valuations when setting monetary policy.

The Dow fell 108.28, or 1%, to end the week at 11,090.17, while the Nasdaq dropped 15.73, or 0.57%, to 2,758.89 on 809 million shares traded. The S&P closed down 13.74 at 1,348.27.

Among the Internet issues that fell today were E-trade (EGRP), which dropped 1-13/16, or 6.53%, to 25-15/16 and Yahoo (YHOO), which lost 3-11/16, or 2.42%, to close at 149. Amazon.com (AMZN) dipped 1/16, or 0.05%, to 128-1/2, and eBay (EBAY) fell 1-3/16, or 0.92%, to 127-1/4.

Of the InformationWeek 100 Stock Index, a select listing of technology companies, Aspect Development (ASDV) took the biggest hit, dropping 1-15/16, or 7.4%, to 16-1/2, while Novell (NOVL) fell 1-7/16, or 5.8%, to 23-5/16, landing the company on the list of five worst performers for the week.

Notable on the winner's side was Security Dynamics (SDTI), which posted a 19.4% gain, or 3-3/4 points, to close at 23-1/8, followed by Storage Technology (STK), which was up 4.6%, or 15/16, to 21-1/2.

Of the technology blue chips, Microsoft (MSFT) dipped 1-3/8, or 1.45%, to 93-1/4, and AT&T (T) fell 2-7/16, or 4.88%, to 47-1/2.

Hardware and chip vendors gained today, with IBM (IBM) closing up 1-1/16, or 0.86%, at 124, while Hewlett-Packard (HWP) gained 2 points, or 1.95%, to 104-5/8. An endorsement from Goldman Sachs helped push Intel (INTC) up 1-15/16, or 2.39%, to 83.

Of the PC vendors, Compaq (CPQ) shares were unchanged at 23-5/16 after the PC vendor announced plans to lay off 1,600 members of its workforce in Singapore, while Dell (DELL) fell 7/8, or 1.83%, to 47-1/16. But Apple Computer (AAPL) moved up 2 5/8, or 4.23%, to 64-3/4 as analyst firm Warburg Dillon Read raised the company's earnings per-share estimates to $3.20 from $3.15.

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