Four years after Nasdaq peak, top stocks way down
Wednesday March 10, 5:36 pm ET
NEW YORK, March 10 (Reuters) - Four years after the Nasdaq
hit its peak amid a frenzy for technology stocks, many of the
index's top companies have seen their value drop 50 percent or
more.
On March 10, 2000, the technology-packed Nasdaq Composite
index (NasdaqSC:^IXIC - News) hit its all-time intraday high of 5,132.52 and
its lifetime closing high of 5,048.62. It was the peak of the
tech bubble when investors bid up prices of Internet and other
technology shares to heady levels that ultimately could not be
maintained.
On Wednesday the index fell 31 points, or 1.55 percent, to
1,964.15 amid investors' worries about the economy's strength.
Of the 21 Nasdaq stocks with the greatest market
capitalization at the peak, 20 have gone down in value,
according to Reuters Research, a unit of Reuters Group Plc.
About three-quarters of those companies have lost 50 percent or
more of their value in the past four years.
Only one, Amgen Inc. (NasdaqNM:AMGN - News), which had the 13th biggest
market cap four years ago, has risen at all, adding 5.3 percent
to its value, the report said.
The four biggest Nasdaq companies at the peak of the tech
bubble were Microsoft Corp. (NasdaqNM:MSFT - News), Cisco Systems Inc.
(NasdaqNM:CSCO - News), Intel Corp. (NasdaqNM:INTC - News) and Oracle Corp. (NasdaqNM:ORCL - News). They
have seen their market caps fall a combined total of nearly $1
trillion since 2000.
Other high-flying tech stocks which saw their values soar
during the boom have lost 90 percent or more since the bubble
burst. Among these Sun Microsystems Inc. (NasdaqNM:SUNW - News) lost 91.3
percent while JDS Uniphase Corp. (NasdaqNM:JDSU - News) lost 93.1 percent,
Reuters Research said.
Name Price On Market Cap Market Cap Pct
3/10/2000 3/10/2000 3/10/2004 diff
(millions) (millions)
Microsoft (NasdaqNM:MSFT - News) $101.00 $525,690 $277,632 -47.2
Cisco Systems (NasdaqNM:CSCO - News) 136.38 466,569 152,025 -67.4
Intel (NasdaqNM:INTC - News) 120.19 401,548 181,422 -54.8
Oracle (NasdaqNM:ORCL - News) 81.63 230,307 64,352 -72.1
Ericsson (NasdaqNM:ERICY - News) 100.63 179,847 46,677 -74.0
Sun Microsystems (NasdaqNM:SUNW - News) 94.19 164,543 14,233 -91.3
MCI WorldCom 46.69 132,517 ** -100.0
Dell Computer (NasdaqNM:DELL - News) 51.25 131,464 81,191 -38.2
QUALCOMM (NasdaqNM:QCOM - News) 136.13 96,409 51,326 -46.8
JDS Uniphase (NasdaqNM:JDSU - News) 276.00 98,289 6,757 -93.1
Yahoo! (NasdaqNM:YHOO - News) 178.06 93,747 28,835 -69.2
Amgen (NasdaqNM:AMGN - News) 59.56 75,936 80,565 5.3
Applied Materials (NasdaqNM:AMAT - News) 193.06 74,616 35,328 -52.7
Veritas Software (NasdaqNM:VRTS - News) 168.69 65,579 13,208 -79.9
Nextel (NasdaqNM:NXTL - News) 159.63 53,223 28,302 -46.8
Broadcom (NasdaqNM:BRCM - News) 243.06 50,626 11,868 -76.6
Global Crossing 58.00 46,097 ** -100.0
Level 3 (NasdaqNM:LVLT - News) 130.19 47,090 2,952 -93.7
Juniper Networks (NasdaqNM:JNPR - News) 282.44 43,880 9,427 -78.5
Infosys (NasdaqNM:INFY - News) 330.00 43,652 10,084 -76.9
COLT Telecom (NasdaqNM:COLT - News) 240.38 35,663 2,990 -91.6
** -- Filed for bankruptcy
NOTE: Information from Reuters Research. |
