Techs surge on Microsoft settlement
Nasdaq up nearly 49 points on Friday's decision
By Rex Crum, CBS.MarketWatch.com
Last Update: 10:34 AM ET Nov. 4, 2002
NEW YORK (CBS.MW) - Technology stocks wasted no time on Monday as approval of the Microsoft antitrust settlement helped send the Nasdaq Composite Index back above the 1,400-point threshold for the first time in more than two months.
As trading got under way, the Nasdaq ($COMPQ: news, chart, profile) was up nearly 49 points, or 3.6 percent, at 1409.67. The last time the tech-heavy index was so high was on Aug. 23, when it opened at 1,411.75.
Microsoft (MSFT: news, chart, profile) led the way, rising $4 a share, or more than 7 percent, to $57. The world's largest software maker was benefiting from a U.S. district judge's ruling on Friday to accept a settlement proposal in the antitrust suit between the company and the U.S. Department of Justice. See full story.
Microsoft Chairman Bill Gates seemed satisfied with judge Collen Kollar-Kotelly's decision, saying it was fair and equitable. See full story.
Virtually every major tech stock was in positive territory early. Among software makers, Siebel Systems (SEBL: news, chart, profile), Xilinx (XLNX: news, chart, profile), and BEA Systems (BEAS: news, chart, profile) were each up at least 7 percent. Oracle (ORCL: news, chart, profile), and PeopleSoft (PSFT: news, chart, profile) were also on the rise.
Hardware makers gaining ground early included IBM (IBM: news, chart, profile), Hewlett-Packard (HPQ: news, chart, profile), Apple Computer (AAPL: news, chart, profile), EMC (EMC: news, chart, profile), Gateway (GTW: news, chart, profile), Dell Computer (DELL: news, chart, profile), and Sun Microsystems (SUNW: news, chart, profile).
In the semiconductor sector, Intel (INTC: news, chart, profile) was up 65 cents at $18.94, Advanced Micro Devices (AMD: news, chart, profile) rose 40 cents to $6.91, and Applied Materials (AMAT: news, chart, profile) climbed 64 cents to $16.37.
The Philadelphia Semiconductor Index ($SOX: news, chart, profile) surged 5 percent to 328.25.
Among networkers, Cisco Systems (CSCO: news, chart, profile) was up 79 cents, or 7 percent, at $12.39, and Juniper Networks (JNPR: news, chart, profile) rose 71 cents, or 10 percent to $7.65.
PMC-Sierra (PMCS: news, chart, profile) was one of the day's highest movers, rising $1.88, or 30 percent, to $8.16. Nortel Networks (NT: news, chart, profile) was up 13 cents at $1.35, and Lucent Technologies (LU: news, chart, profile) rose 8 cents to $1.23.
Rex Crum is a reporter for CBS.MarketWatch.com in San Francisco. |
