Market Wrap: Internet Stocks Slide - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

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.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
The State of IT & Cybersecurity Operations 2020
The State of IT & Cybersecurity Operations 2020
Download this report from InformationWeek, in partnership with Dark Reading, to learn more about how today's IT operations teams work with cybersecurity operations, what technologies they are using, and how they communicate and share responsibility--or create risk by failing to do so. Get it now!
Slideshows
IT Careers: 10 Industries with Job Openings Right Now
Cynthia Harvey, Freelance Journalist, InformationWeek,  5/27/2020
Commentary
How 5G Rollout May Benefit Businesses More than Consumers
Joao-Pierre S. Ruth, Senior Writer,  5/21/2020
News
IT Leadership in Education: Getting Online School Right
Jessica Davis, Senior Editor, Enterprise Apps,  5/20/2020
Register for InformationWeek Newsletters
Video
Current Issue
Key to Cloud Success: The Right Management
This IT Trend highlights some of the steps IT teams can take to keep their cloud environments running in a safe, efficient manner.
White Papers
Slideshows
Twitter Feed
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.
Sponsored Video
Flash Poll