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Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: Captain Jack who wrote (90716)	4/16/2001 6:13:22 PM
From: Captain Jack	Read Replies (1) \| Respond to of 97611

NEW YORK, April 16 (Reuters) - Cisco Systems Inc. <CSCO.O> fell 7.5 percent in after-hours trading on Monday, yanking related stocks down with it, after the company became the latest technology bellwether to say its profit growth has been savaged by the slowing economy. Cisco, the biggest maker of equipment that helps power the Internet, said the current business environment "has never been more challenging." The San Jose, Calif.-based company said it now sees fiscal third-quarter pro forma earnings in the "very low" single-digit range. Analysts surveyed by Thomson Financial/First Call had expected Cisco to earn 8 cents a share in the quarter. Cisco stock dropped to $15.90 on Instinet, or down 7.55 percent from its Nasdaq close of $17.20. Shares of companies in the same industry also slumped. Juniper Networks Inc. <JNPR.O>, a Sunnyville, California maker of networking equipment, dropped 4.1 percent to $46.38 and Ciena Corp. <CIEN.O>, based in Linthicum, Maryland, lost 5.1 percent to $48.86. JDS Uniphase Corp. <JDSU.O>. lost 4.8 percent to $19.90. Of the 10 most-active stocks in extended trading on Nasdaq, all but one fell. Immune Response Corp. <IMNR.O> bucked the trend, rising 4.1 percent to $1.54. An index of the Nasdaq composite index's <.IXIC> largest 100 stocks slid 1.8 percent, indicating the tech-heavy indicator is likely to fall when exchanges open on Tuesday. The decline in tech stocks extended losses during the regular trading session when the Nasdaq slipped 51.86 points, or 2.6 percent, at 1,909.57. The Dow Jones industrial average <.DJI>, swung between gains and losses during the trading session, finally rising 31.62 points, or 0.31 percent, at 10,158.56 to its highest close since March 13. The broader Standard & Poor's 500 Index <.SPX> inched down 3.82 points, or 0.32 percent, at 1,179.68. Other technology shares to slump included Intel Corp. <INTC.O>, which dropped 1.8 percent to $25.83, compared with its regular Nasdaq close at $26.30, and Microsoft Corp. <MSFT.O>, which slipped 1.2 percent to $60.09 from its close at $60.79 on Nasdaq Though Cisco and other networking stocks fell in extended trading, some investors said declines could be short lived as many had already anticipated the bad news. "It will impact the market initially but I am not sure that there is a great shock that Cisco's business is pretty weak," said Bill Meehan, chief market analyst at Cantor Fitzgerald, citing weakness in the telecom sector. In other news after the bell, Unisys Corp. <UIS.N>, a computer services company, lost $1 to $13-1/4 in trading on Instinet after saying it scaled back its outlook for the rest of the year. Finisar Corp. <FNSR.O> lost $2.10 to $9.09 in extended trading, according to Instinet, after the fiber-optic systems company said it expects to post lower-than-expected revenue and earnings for its fiscal fourth-quarter ending April 30, citing order rescheduling and the economic slowdown.