Alert: Most tech stocks recover, oils rally
United Press International - March 18, 1998 19:03
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NEW YORK, March 18 (UPI) - Most technology issues recovered from
Tuesday's sell-off, while oil issues rallied and stocks responding to
merger news were among the big movers in heavy trading Wednesday.
Compaq Computer paced the Big Board actives, edging up 3/16 to 23
13/16.
Bay Networks followed, climbing 2 1/2 to 26 1/2 even though the networking
company warned late Tuesday its fiscal third-quarter revenue and
operating net will be 10 percent below the preceding quarter.
Among other technology issues, Dow components IBM added 11/16 to 101
9/16 and Hewlett-Packard rose 1 3/16 to 62 5/8, while Texas Instruments
edged up 1/4 to 55 5/8, but Micron Technology eased 5/16 to 31 11/16 and
Motorola edged down 1/4 to 54 9/16.
On Nasdaq, Microsoft gained 1 3/8 to 81 3/4, Dell Computer rose 15/16 to
63 1/4, Oracle added 5/8 to 29 3/8, Sun Microsystems rose 5/8 to 44 1/2 and Intel
edged up 1/4 to 77, but Cisco Systems fell 1 to 63 9/16 and Applied
Materials eased 3/16 to 33 1/8.
Schlumberger was the NYSE's third most active issue, gaining 3 5/16
to 70 7/16 as oil and oil-service stocks rallied in tandem with crude
oil prices.
Dow components Chevron rose 1 9/16 to 83 5/8 and Exxon climbed 1 11/16
to 64 5/8, while Mobil gained 2 5/8 to 74 9/16, Unocal advanced 1 5/16 to 39
11/16, Amoco rose 1 to 85 9/16 and Atlantic Richfield added 1 to 76
5/16, while Halliburton rose 1 3/4 to 44 15/16, Dresser Industries lifted
1 3/8 to 43 5/16 and Baker Hughes climbed 2 11/16 to 41 3/8.
Merrill Lynch & Co. was the fourth most active, jumping 7 1/4 to 87 amid
rumors banking giant Chase Manhattan may take over the nation's largest
brokerage firm. Chase rose 3 3/8 to 138 1/8.
Elsewhere on the NYSE, Southdown Inc. fell 15/16 to 68 5/8 after
agreeing to acquire rival cement producer Medusa Corp. in a stock deal
valued at approximately $1 billion. But Medusa jumped 6 5/8 to 58 7/8.
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Copyright 1998 by United Press International.
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