Captain: Why do I get this feeling that you are looking for a job?
Some market news.
Tech Stks Dn Across The Board Amid Marketwide Selloff
By JOHANNA BENNETT
Dow Jones Newswires
NEW YORK -- Technology stocks were down across the board Friday morning amid a marketwide selloff that sent major indexes for all industries into the red.
The technology-laden Nasdaq Composite Index fell 25 points to 2557 as major technology bellwethers dipped in late morning trading.
The Dow Jones Computer Index lost 1.7%, while the Philadelphia Stock Exchange's Semiconductor Index fell more than 3.6%.
Shares of computer giant International Business Machines Corp. (IBM) fell 5 5/8, or 2.3%, to 240 3/8, followed by a 5/16, or 1.2%, loss in shares of Compaq Computer Corp. (CPQ) to 25 13/16. Semiconductor bellwether Intel Corp. (INTC) lost 1 3/8, or 2.3%, to trade at 58 11/16 while software giant Microsoft Corp. (MSFT) fell 1 1/8, or 1.3%, to 78.
"Everything I am looking at, with very few exceptions, is taking a little bit of a bath right now," said Louis Mazzucchelli, analyst for Gerard Klauer Mattison.
But the biggest loss of all appeared to be among Internet stocks. Commonly referred to as high-beta stocks, Web shares typically move in an exaggerated parallel to the market in the absence of any price altering news.
The American Stock Exchange's Internet Index fell 4.5% top 322.56.
"They have exaggerated price movements both up and down," said Jeff Matthews, a portfolio manager for Ram Partners. "It is as simple as that. There is no new news Internet-wise that would have caused this. In fact, Priceline.com had good news."
America Online Inc. (AOL) fell 5 5/16, or 4.1% to 127 3/16. Meanwhile, Yahoo Inc. (YHOO) fell 2 13/16, or 1.8% to 157 9/16 and Amazon.com Inc. (AMZN) fell 3 3/4, or 2.8%, to 132 1/4. |
