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Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: rupert1 who wrote (59932)	4/27/1999 5:22:00 AM
From: rupert1	Read Replies (1) \| Respond to of 97611

April 26, 1999 Techs Rise On PC Shipment Data, Fore Systems Merger Dow Jones Newswires By Maria V. Georgianis NEW YORK (Dow Jones)--Positive comments about first-quarter PC demand as well as fear about being left out of the recent tech-stock rally led the Nasdaq Composite Index into record territory Monday. The tech-heavy Nasdaq was recently at 2644.58, up 53.89 points, above its record close of 2598.81 set April 12. "It's a continuation of what we had last week and people's fear of missing (out)," said Jeff Wrona, co-portfolio manager of the PGHG Technology & Communications Fund. Last week, the Nasdaq rose four straight sessions, reversing a sharp selloff last Monday. Earlier Monday, market research firms International Data Corp. and Dataquest Inc. reported that first-quarter worldwide PC shipments rose stronger than previously expected. IDC found unit growth of 19% to 24.5 million units, above its earlier estimate of 14% growth. Dataquest reported growth of 17% to 25 million units. The numbers reported by the market research firms are "in line with the historical average which is mid-to-upper teens" PC unit growth, said Mark Herskovitz, portfolio manger at Dreyfus Technology Growth Fund. Shortly after Compaq Computer Corp. (CPQ) preannounced disappointing first-quarter results - but before the company ousted Chief Executive Eckhard Pfeiffer - investors had been concerned there was an industrywide slowdown. IDC's and Dataquest's findings show an acceleration of unit growth driven by the consumer PC market. The corporate PC market, while a solid grower, was not as strong as expected, according to Dataquest. In addition, Dataquest reported that Dell Computer Corp. (DELL), International Business Machines Corp. (IBM) and Gateway 2000 Inc. (GTW) gained market share at the expense of companies such as Compaq and Hewlett-Packard Co. (HWP).