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Tech Stocks: Selling After The First Earnings Warning
The Nasdaq index fell 0.5%, to 2,050.24, and our InformationWeek 100 fell 0.3%, to 336.78.
Our indexes took a dive Wednesday, thanks to worries that some upcoming quarterly earnings reports might disappoint. Storage maker Seagate helped fuel the fire by warning that its results would come in low because of weaker-than-expected demand for its products. The company's shares fell 3.9%, or 61 cents, to $14.98.
Intel fell 2.3%, or 65 cents, to $27.62; Cisco Systems fell 1.7%, or 41 cents, to $24.24; Siebel Systems fell 1.6%, or 20 cents, to $12.09; and Microsoft fell 0.8%, or 21 points, to $25.59. The Nasdaq-100 tracking stock fell 0.1%, or 4 cents, to $36.94, on strong volume of 86.1 million shares.
At the closing bell, the Nasdaq index had fallen 0.5%, or 9.66 points, to 2,050.24, and the InformationWeek 100 had fallen 0.3%, or 0.92 of a point, to 336.78. Less-tech-heavy indexes fared worse. The Dow fell 0.9%, or 90.66 points, to 10,480.15, and the S&P 500 fell 0.7%, or 7.63 points, to 1,140.53.
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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