MARKET WRAP UP
~~~~~~~~~~~~~~
Another Day, Another Tumble
Today it was a decline in Cisco Systems (CSCO) that triggered losses
in the Nasdaq; the index fell 2.65 percent in the sort of tumble that
has nearly become routine. The Nasdaq lost 86.96 to close at 3191.40.
The Dow clearly benefited from the tech flight, jumping 2.31 percent,
or 245.15, to 10835.77.
Cisco dropped more than 5 percent today after Street analysts cut
their price target for the issue. The stock lost $2.69 to close at
$48. Other networking companies' stocks were close behind, compounding
the sector's recent woes. JDS Uniphase (JDSU) fell almost 8 percent,
or $5.94, to $71.31. The troubled stock of Nortel Networks (NT)
dropped another 6 percent, or $2.69, to $39.88. Ciena lost 13 percent,
or $13.63, to $90.75. And Corbis dropped almost 8 percent, or $5.12,
to $59.50.
Performance was mixed in large-cap tech stocks. Oracle (ORCL) fell
hard, losing more than 7 percent, or $2.56, to $31.62. Lucent slid
almost 4 percent, or 75 cents, to $20.44. Hewlett-Packard (HWP) , on
the other hand, jumped almost 6 percent today, climbing $2.53, to
$46.13.
Microsoft (MSFT) may want to consider letting a few more hackers into
its internal network. The security breach didn't hurt the company's
stock in the least. The Redmond company actually rose almost 2 percent
amid tech losses, gaining $1.25, to $68.94.
Terra Networks jumped 18 percent today on news that Lycos (LCOS)
shareholders have approved a merger with that company. Stock in Terra
gained $3.50, to $22.62. And shares of About.com (BOUT) rose slightly
on news that Primedia would buy the online information company for
$690 million in stock. News of the unique deal sent About's shares up
0.79 percent, or 19 cents, to $24.06. Primedia, meanwhile, plunged
more than 25 percent, or $3.87, to close at $11.38.
Elsewhere in technology, the losses were broad and deep. The b-to-b
sector was down, thanks in part to a big drop by Commerce One (CMRC) ,
which fell more than 10 percent, or $6.72, to $56.84. The Internet
software sector also suffered, as did chip stocks. And Globalstar
Telecommunications (GSTRF) plunged 60 percent today, dropping $3.62,
to $2.38. Qualcomm fell in its wake, down 9 percent, or $6.78 to
$68.09.
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