Cisco leads Nasdaq afternoon slide
Network gear maker falls to levels not seen since 1998
By Rex Crum, CBS.MarketWatch.com
Last Update: 1:50 PM ET Oct. 3, 2002
NEW YORK (CBS.MW) - Cisco Systems fell below $10 a share Thursday, leading a parade of swooning tech stocks down as the Nasdaq Composite hit some of its lowest intraday levels in more than six years.
The Nasdaq ($COMPQ: news, chart, profile) fell more than 16 points, or 1.4 percent, to 1,170.61 with about three hours of trading left. The last time the tech-heavy index was so low was Sept. 12, 1996, when it fell to 1,165.81 in intraday action.
The index is also coming off a 26-point loss in the previous trading session.
A share of Cisco (CSCO: news, chart, profile) could be had for about the same price as a movie theater ticket as the networking leader lost 25 cents to trade at $9.80. The last time Cisco was so low was Jan. 26, 1998, when, adjusted for splits and dividends, it closed at $9.44.
Among other networking stocks, Juniper Networks (JNPR: news, chart, profile) was off 27 cents at $4.80 and Lucent Technologies (LU: news, chart, profile) shed 2 cents to fall to 77 cents.
Chip stocks bore a good piece of the sell-off burden after Wednesday's earnings and revenue warning from Applied Micro Devices (AMD: news, chart, profile). Share of AMD slid $1.49, or 28 percent, to $3.89. See full story.
Other chip stocks in the red included Intel (INTC: news, chart, profile), down 25 cents at $14.05, Applied Materials (AMAT: news, chart, profile), off 68 cents at $11.85, and Texas Instruments (TXN: news, chart, profile), which gave up 44 cents to trade at $15.45.
The Philadelphia Semiconductor Index ($SOX: news, chart, profile) shed nearly 13 points to fall to 237.21.
Hardware stocks were largely up, with EMC (EMC: news, chart, profile) rising 16 cents to $5.04, Hewlett-Packard (HPQ: news, chart, profile) gaining 37 cents to reach $12.27, Sun Microsystems (SUNW: news, chart, profile) up 1 cent at $2.58, and Dell Computer (DELL: news, chart, profile) rising 19 cents to $25.51.
IBM (IBM: news, chart, profile) fell 14 cents to $59.49, and Apple Computer (AAPL: news, chart, profile) was breaking even at $14.17.
In the software sector, Veritas (VRTS: news, chart, profile) fell $2.50, or 17 percent, to $11.97, after CFO Ken Lonchar following revelations he lied about receiving an MBA from Stanford University. See full story.
Microsoft (MSFT: news, chart, profile) fell 57 cents to $45.03 and Siebel Systems (SEBL: news, chart, profile) was down 44 cents at $5.64.
Oracle (ORCL: news, chart, profile) rose 8 cents to $8.39, PeopleSoft (PSFT: news, chart, profile) was up 13 cents at $12.52 and SAP (SAP: news, chart, profile) rose 9 cents to $10.81. |
