Abby's comforting words soothe the market.
Uncle:
My favorite 'girl' on Wall Street.
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Friday, December 18, 1998
Midday Markets: Techs gain after Cohen's comments on '99
By Eric C. Fleming
December 18, 1998 12:10pm
ZDII
Tech issues climbed at midday on Friday after comforting words from market prognosticator Abby Cohen. The Nasdaq rose 23 to 2,066 and the @Net added 12 to 562. The Dow Jones industrial average crept up 5 to 8,881.
The broader markets edged higher after Abby Cohen, Goldman Sach's chief strategist, predicted a steady course for the stock market in 1999, with the Standard & Poor's index rising 5 percent to 7 percent and the Dow reaching 9,850 by year-end. Cohen looked for the chip market to turn around and for small- to mid-cap stocks to outpace large caps.
"The global backdrop in 1999 will continue to offer impediments, but we expect Supertanker America to stay its course of moderate economic and profit growth," Cohen said. "A supertanker is not necessarily fast or colorful, but it is steady and reliable and hard to push off course."
CD Warehouse Inc. (Nasdaq: CDWI) rose 3 11/16 to 22 1/16 after the music retailer said it launched its Web site, www.cdwarehouse.com. The site offers new and used CDs for sale, a channel to mix music and chat rooms for users. CDNow Inc. (Nasdaq: CDNW) added 7/16 to 18 1/8.
Brooktrout Technology Inc. (Nasdaq: BRKT) gained 1 to 15 after agreeing to buy Lucent Technologies Inc.'s (NYSE: LU) telephony unit. Lucent dipped 1/16 to 98 11/16.
At Home Corp. (Nasdaq: ATHM) rose 1 1/2 to 68 after buying closely held Narrative Communications for up to $103 million in stock.
Audiohighway.com Inc. (Nasdaq: AHWY) extended its decline in its first day of trading, down 3 9/16 to 8 7/16. Trading opened at $12 a share.
And then there were the warnings.
Data Dimensions Inc. (Nasdaq: DDIM) fell 3 11/32 to 8 29/32 after warning that it will miss fourth quarter estimates.
Chip equipment maker Electroglas Inc. (Nasdaq: EGLS) slipped 1 1/16 to 12 after the company said it will miss fourth quarter estimates.
Mobile phone maker Ericsson AB (Nasdaq: ERICY) fell 1 1/2 to 21 7/8 after the company said that 1999 expectations were "too optimistic." Nokia Oyj AB (NYSE: NOK.A) added 7/8 to 116 3/8 and Motorola Inc. (NYSE: MOT) dipped 1/2 to 59 1/4.
Among computer makers, Dell Computer Corp. (Nasdaq: DELL) added/lost. Compaq Computer Corp. (NYSE: CPQ), the most active NYSE listed company with XXX million shares exchanging hands, . Hewlett-Packard Co. (NYSE: HWP) gained/fell, International Business Machines Corp. (NYSE: IBM) rose/dropped, Apple Computer Inc. (Nasdaq: AAPL) advanced/declined and Gateway Inc. (NYSE: GTW) declined slipped/climbed.
Amazon.com Inc. (Nasdaq: AMZN) gained 1 5/8 to 67 7/16. Excite Inc. (Nasdaq: XCIT) rose 1/4 to 50 7/16, Yahoo! Inc. (Nasdaq: YHOO) rose 5 to 210 1/2 and Lycos Inc. (Nasdaq: LCOS) climbed 1 to 45 3/4.
Intel Corp. (Nasdaq: INTC) increased 3 1/16 to 119 15/16. Advanced Micro Devices Inc. (NYSE: AMD) added 3/4 to 28 3/4 and National Semiconductor Corp. (NYSE: NSM) advanced 1/4 to 15 1/4.
America Online Inc. (NYSE: AOL) ascended 101 1/8. Internet service provider MindSpring Enterprises Inc. (Nasdaq: MSPG) rose 1 15/16 to 61 7/8.
Cisco Systems Inc. (Nasdaq: CSCO), the most active Nasdaq stock with 10.7 million shares trading, added 2 7/8 to 87 3/4. 3Com Inc. (Nasdaq: COMS) rose 3/8 to 44 15/16 and Ascend Communications Inc. (Nasdaq: ASND) edged up 1/16 to 60 7/8.
For software makers, Microsoft Corp. (Nasdaq: MSFT) rose 5/8 to 135. Computer Associates International Inc. (NYSE: CA) rose 1 to 39 3/16, Oracle Corp. (Nasdaq: ORCL) slipped 1/2 to 39 11/16 and SAP AG (NYSE: SAP) lost 1 3/16 to 36 9/16.
-CNNfn contributed to this report.
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