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To: Alan Hume who wrote (18382)	4/8/1999 7:01:00 AM
From: REH	Respond to of 93625

Tech stocks may scream Yahoo H-P, Compaq get cautious marks By Cecily Fraser, CBS MarketWatch Last Update: 6:43 PM ET Apr 7, 1999 Tech Report Internet Daily NEW YORK (CBS.MW) -- Robust first-quarter earnings from Yahoo could give technology stocks could get a boost Thursday after the Internet search engine posted a profit three cents ahead of Wall Street's expectations. After the market closed, the Santa Clara, Calif.-based company (YHOO) said it earned 11 cents a share, excluding such intangibles as goodwill. The earnings cruised past the First Call consensus estimate of 8 cents. Including the intantgibles, Yahoo had a net income of 7 cents a share. See full story. Ahead of the news, the stock slipped 6 7/16 to 208 7/16. In after-market trading, Yahoo shares rose. The earnings report followed a choppy session for the Internet sector. The Goldman Sachs Internet Index dropped 3.2 percent, while the Amex Internet Index lost 1.6 percent. The software group logged steep declines, sending the CBOE Software Index down 2.8 percent. Personal computer makers also saw a volatile session after Merrill Lynch said it sees weaker revenue for Compaq and Hewlett-Packard. The Goldman Sachs Computer Hardware Index rose 0.1 percent, paring some earlier losses. Meanwhile, the Philadelphia Semiconductor Index lost 1.4 percent. The Amex Networking Index was up 0.5 percent. On a broader scale, the Pacific Stock Exchange Technology Index fell 1.5 percent, and the Morgan Stanley Technology Index of blue-chip tech issues surrendered 1.8 percent. The Nasdaq 100, which includes many top tech stocks, slid 1.2 percent. The tech-heavy Nasdaq Composite Index gave back 18.82 points to 2544.35. The Dow Jones Industrial Average climbed 121.82 points to 10,085.31. Net stocks Broadcast.com (BCST), Yahoo's pending merger partner, lost 7 1/8 to 149 1/4. America Online (AOL) also showed a softer side, falling 9 1/2 to 158. CNET (CNET) fell 5/8 to 110. DoubleClick (DCLK) soared 5 to 126. Audiohighway (AHWY) shares drove ahead 10 5/8 to 28. Among IPO issues, shares of Rhythms Netconnections (RTHM) rocketed 13 1/8 to 69 1/8 after the company priced 9.37 million shares at $21 each. Infospace.com (INSP) shares leaped 21 7/8 to 111 1/2 after the laid out plans for a 2-for-1 stock split. Chip stocks, computer hardware Hewlett-Packard (HWP) declined 1/4 to 69 3/4, and Compaq Computer (CPQ) dipped 11/16 to 30 3/16 after Merrill Lynch analyst Steve Milunovich cautioned investors that the companies may see some revenue disappointments. See full story. IBM (IBM) rose 3 1/2 to 186 1/2. On Tuesday, Big Blue launched a new mid-range server for small to medium-sized businesses who want to conduct transactions online. Dell Computer (DELL) shares fell 3/8 to 46 7/16 ahead of the company's meeting with analysts, scheduled for Thursday. However, SG Cowen analyst Richard Chu said in a research note that the company's shares have rebounded nearly 30 percent in the past week. Chu holds a 12-month price target of $50 and a "buy" rating on the stock. In the semiconductor group, chip bellwether Intel (INTC) rose 1 11/16 to 132 1/8. Novellus (NVLS) dove 3/8 to 61 7/16. Micron Technology (MU) erased 4 1/8 to 49 5/8. LSI Logic (LSI) also posted losses, dropping 1 1/8 to 34 7/8. Rambus (RMBS) emerged as a winner, up 3 3/8 to 73 3/8. After the market closed, Advanced Micro Devices (AMD) warned first quarter results would fall short of expectations. Ahead of the news, the stock was up 7/16 to 16 3/16. Software Saville Systems (SAVLY) tumbled 3 13/16 to 6 1/4 after the Irish software developer warned of a first-quarter loss between 5 cents and 9 cents a share. That's below the First Call survey of analysts 24-cent profit estimate. Network Associates (NETA) shares dropped 5 15/16 to 16 after the company said it will earn 30 to 32 cents per share. The consensus earnings estimate called for the maker of network security software to earn 48 cents per share, according to First Call. See full story. Shares of Hyperion Solutions (HYSL) hit a new 52-week low after the company said that third-quarter earnings will be "significantly lower" than analysts expected. The stock was off 1 3/32 to 11 13/16. Among other software companies, bellwether Microsoft (MSFT) dropped 3/4 to 93 15/16 on volume of more than 23 million shares. PeopleSoft (PSFT) shares lost 13/16 to 13 1/8, while Oracle (ORCL) dipped 2 1/4 to 21 7/16. Citrix Systems (CTXS) was down 4 11/16 to 31. BMC Software (BMCS) logged a 3 percent drop even after Prudential Securities upgraded the shares to "strong buy" from "accumulate." Also see Software Report. Networking, telecom Shares of PairGain Technologies (PAIR) jumped as much as 31 percent after a false report surfaced on the Internet saying the telecom company was being bought by an Israeli firm. The company, however, denied the report and said it was investigating the matter. The stock closed up 7/8 to 9 3/8. See the story. Networker Fore Systems (FORE) rose 1 13/16 to 22 15/16. Cisco Systems (CSCO) rose 3 1/2 to 118 3/4. Ascend Communications (ASND), however, fell 1 11/16 to 97 15/16. Lucent Technologies (LU) dropped 5/8 to 64. 3Com (COMS) lost 1 13/16 to 20 1/8.