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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: Electric who wrote (31416)	7/19/2001 12:16:32 PM
From: Softechie	Read Replies (1) \| Respond to of 37746

Technology Stocks Rally On Sprint, Nokia Results By KRISTIN HUSSEY THE WALL STREET JOURNAL ONLINE NEW YORK -- Technology stocks posted strong gains Thursday after Sprint and Nokia reported better-than-expected quarterly results. In morning trading, the Nasdaq Composite Index was up 55.70 to 2071.30, after dropping 2.5% in the previous session. Morgan Stanley's high-tech 35 index gained 20.40 to 554.10 and the Dow Jones Internet Index rose 2 to 71.70. Heard on the Net: EarthLink's Rising Stock Price Prompts Investors' Skepticism Nokia added $2.65, or 16%, to $19.65 on the New York Stock Exchange. Nokia posted a 20% drop in second-quarter pretax profit, topping market expectations, and said its sales of phones and network equipment had been hurt by the economic slowdown in the U.S. and Europe (see article). Sprint rose 72 cents to $22.65 on the Big Board. Sprint reported a 21% drop in second-quarter net income, but topped reduced estimates amid solid performance in local operations and narrower-than-expected losses in the global markets segment (see article). AT&T gained 17 cents to $21.11 on the Big Board. AT&T rejected Comcast's $40 billion bid for its cable-TV unit, but said the company would "explore financial and strategic alternatives" for the business (see article). Comcast added 51 cents to $37.43 on the Nasdaq Stock Market. Microsoft rose $1.40 to $71.97 on Nasdaq. The software giant requested a new hearing, saying the court had "overlooked -- or misinterpreted" critical evidence in its finding that the firm violated antitrust law (see article). Microsoft is expected to release its quarterly financial results Thursday after the close of regular trading. Handspring added 23 cents to $4.30 on Nasdaq. The maker of hand-held devices posted a loss more than three times as large as the year earlier's and said it was laying off 9% of its staff (see article). Broadcom jumped $5.80, or 15%, to $44.80 on Nasdaq. J.P. Morgan analyst Eric Chen raised his rating on the chip maker to "long-term buy" from "market performer." Technology Stocks Dropped 2.5% Wednesday Technology stocks fell Wednesday as a parade of disappointing earnings reports chipped away at investors' confidence in the sector. The Nasdaq Composite Index lost 51.15, or 2.5%, to close at 2016.17. Morgan Stanley's high-tech 35 index fell 18.07 to 533.68 and the Dow Jones Internet Index shed 5.40 to 69.72. Earnings warnings and disappointing quarterly results have hit technology stocks hard recently -- the Nasdaq has dropped 6.7% in July amid continuing concerns that the technology slump isn't turning around as quickly as many had hoped. Wednesday's losses came on the heels of earnings reports from Intel, Apple Computer and AOL Time Warner. Intel shed $1.01 to $28.89 on the Nasdaq Stock Market. The chip giant's second-quarter net income plunged 94% and sales fell 24% on slumping demand for chips and a fierce price war. The company late Tuesday said that third-quarter sales will fall again (see article). AOL Time Warner fell $4.90 to $44.55 on the New York Stock Exchange. The media giant Wednesday posted a net loss of $734 million for the second quarter, but results still topped analysts' expectations due to a rise in subscription revenue (see article). EMC lost $2.34 to $18.05 on the Big Board. The data-storage company Wednesday said its profit plunged 75% in the second quarter as it struggled with the effects of the sluggish economy and weakness in capital spending (see article). Apple tumbled $4.31, or 17%, to $20.79 on Nasdaq. The personal-computer maker late Tuesday said its third-quarter net tumbled 70%, but modestly beat analysts' expectations. The company provided a cautious outlook for its next quarter (see article). Veritas plunged $13.34, or 26%, to $37.08 on Nasdaq. The software maker late Tuesday posted second-quarter results in line with its reduced outlook, but lowered profit and sales forecasts for the rest of the year (see article). "Despite the uncertainty, Veritas remains a franchise name in infrastructure software," said Merrill Lynch analyst Mark Fernandes in a research note. "We maintain our intermediate-term 'accumulate' rating." RealNetworks fell $1.97, or 18%, to $8.81 on Nasdaq. The streaming-media company posted a narrower loss for the second quarter amid a sharp drop in software and advertising sales. The company also said its financial chief resigned (see article). Siebel Systems was off $5.91, or 14%, to $37.64 on Nasdaq. Morgan Stanley issued cautious comments about the e-business software company's second-quarter results and outlook, due after the market close. SG Cowen trimmed its 2001 earnings-per-share and sales targets on the company as well. Analysts expect Siebel to earn 13 cents a share in the second quarter, according to Thomson Financial/First Call.