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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (61412)	3/5/2002 12:52:12 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Techs leap on economic recovery hopes csfbdirect.com 16:54 ET NEW YORK (CBS.MW) -- Technology stocks jumped Monday in sizzling back-to-back gains that propelled the Nasdaq up by more than 3 percent, as hopes that an economic rebound will spur profits offset a slump in shares of Oracle. The Nasdaq Composite Index was up by 56.58 to end the session at 1,859.32, the second trading day of robust gains. On Friday, the tech-heavy index flew up by 4.1 percent. Nasdaq reflected a bullish run in the Dow Jones Industrial Average, which landed at 10,586.82 on Monday, up 218 points or more than 2 percent. The blue chip index soared past 10,500 for the first time since August. "See Market Snapshot." The Composite's 100 largest member companies, as reflected by the Nasdaq 100 (NDX) , rose by 4.1 percent. Exchange-traded QQQ (QQQ) added $1.41 to $37.15. Investors gave short shrift to downbeat news from Oracle (ORCL) . Merrill Lynch downgraded the stock to "neutral" from "buy" and On Friday, Oracle disclosed that it expects to miss analysts' earnings estimate, citing a downturn in Asia region sales. The lower-than-expected projected earnings surprised Wall Street because "the bar was so low," according to UBS Warburg. "See full story." Shares were down by more than 14 percent to $13.67. But the tumble didn't affect rival software issues. BEA Systems (BEAS) was up 18 cents to $14.19. PeopleSoft (PSFT) rose by $1.78 to $34.38. Siebel Systems (SEBL) added $2.10 to $32.53 and SAP (SAP) was up by 74 cents to $36.06. Computer Associates (CA) added 5 cents to $16.95. Moody's cut its long-term debt rating on the company and changed its outlook to negative, citing concerns about cash flow, refinancing ability and questions surrounding the investigation by the Justice Department and the Securities and Exchange Commission. "Story." Manugistics (MANU) soared by 21 percent to $17.66. The software firm said fourth-quarter results should exceed both the company's previous outlook and Wall Street's consensus views. Manugistics also will end its unpaid leave program for U.S.-based workers on March 17, as scheduled.