TECH STOCKS: Markets Ignore Reasons For Sell-Off - InformationWeek

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2/26/2004
05:31 PM
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TECH STOCKS: Markets Ignore Reasons For Sell-Off

Tech issues led the way as most major indexes ignored the news and posted gains anyway.

Technology issues led the day Thursday as all major indexes except the Dow industrials finished the day higher. The gains took place on a day when there were plenty of potential reasons for a sell-off--the Justice Department said it would go to court to block Oracle's takeover bid for PeopleSoft, and new unemployment claims and home-sales data were mixed. Struggles in the transportation sector were the primary drag on the Dow, with a report that transportation orders were down 10% coming days after the Pentagon's cancellation of a helicopter program. Other than transportation, new orders for durable goods were up 2% in January.

Amid light volume, winners in the tech sector included Sandisk, which rose $1.41, or 5.9%, to $25.52; Juniper Networks, which rose 69 cents, or 2.7%, to $25.94; Qualcomm, which rose $1.62, or 2.6%, to $63.70; BEA Systems, which rose 11 cents, or 0.8%, to $13.82; and Yahoo, which rose 21 cents, or 0.5%, to $43.55. Big names in the red for the day included Cisco Systems, which fell 23 cents, or nearly 1%, to $23.35; Intel, which fell 12 cents, or 0.4%, to $29.50; and Microsoft, which fell 20 cents, or 0.8%, to $26.50. The Nasdaq-100 tracking stock rose 9 cents, or 0.3%, to $36.67 as 69.9 million shares changed hands.

Our InformationWeek 100 outpaced the other indexes, rising 2.66 points, or 0.8%, to close at 328.48, while the Nasdaq rose 9.59 points, or 0.5%, to 2,032.57. The Dow fell 21.48 points, or 0.2%, to 10,580.14, and the S&P 500 rose 1.24 points, or 0.1%, to 1,144.91.

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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