Compaq's boom boosts PC shares
By Janet Haney, CBS.MarketWatch.com
Last Update: 4:33 PM ET Dec 1, 2000
NEW YORK (CBS.MW) -- A boom in shares of Compaq Computer bolstered other computer hardware related stocks Friday, as investors breathed a sigh of relief after a fickle trading week.
Compaq (CPQ: news, msgs) said Friday that its board had authorized the repurchase of up to $1 billion of its stock. As a result, the company's stock jumped $1.30 to $22.80.
Compaq's move helped the Goldman Sachs Computer Hardware Index ($GHA: news, msgs) to gain 3.5 percent.
Apple Computer (AAPL: news, msgs) shares were also on the move, gaining 56 cents to $17.06, while Dell (DELL: news, msgs) was up in earlier trading, but fell by 81 cents to $18.44.
Gateway (GTW: news, msgs) stock attempted to make up for massive losses sustained in the previous session. Its shares added 12 cents to $19.12.
Additionally, Hewlett-Packard (HWP: news, msgs) will hold its analyst meeting Wednesday in Palo Alto, Calif. The tech giant gave the market a solid look into its business when it released its fourth-quarter results on Nov. 13, and reaffirmed that guidance Thursday. See full story.
"We do expect a review of operational/execution factors that led to the 4Q00 EPS shortfall, but believe the focus will be on the growth outlook for each business segment," Salomon Smith Barney analyst John Jones wrote in a research note. H-P's shares rose 56 cents to $32.19. |
