Technology stocks closed out a forgettable week with another beating Friday as the Nasdaq composite shed 148 points to close at 3,390.61. The Dow Jones industrial average was roughed up as well, falling 150 points to end at 10.626.85.
Leaders were especially hard hit this week. Cisco Systems Inc. (Nasdaq: CSCO), for example, fell 10 percent this week after topping analysts' estimates in the prior week.
"The Street's held hostage by the Fed," said Adam Weisman, managing director at Wit SoundView. "That's the bottom line. There is plenty of cash out there but nobody wants to deploy it yet and I don't blame them."
On the economic front, the U.S. trade deficit hit a record $30.2 billion in March as prices of imported oil rose to levels not seen since the Gulf crisis of 1990, the Commerce Department said Friday.
Intel Corp. (INTC) shares fell 6 1/8 to 117 13/16 after it said a flawed chipset will result in lower-than-expected earnings in its first quarter. Advanced Micro Devices Inc. (AMD) closed off 2 13/16 to 83 11/16 and IBM Corp. (IBM) inched up 1/2 to 106 9/16.
Fiber optic networking companies Ciena Corp. (Nasdaq: CIEN) and Sycamore Networks (Nasdaq: SCMR) both unveiled strong quarters, but investors weren't impressed. Ciena shares closed off 20 13/16 to 116 1/2 and Sycamore fell 11 5/16 to 80 15/16.
Cisco Systems lost 1 15/16 to 53 7/16. Nortel Networks (NT) shed 4 to 52 7/16 while Lucent Technologies Inc. (LU) and 3Com Corp. (COMS) closed off 3/4 and 11/16 a share, respectively.
Microsoft Corp. (MSFT) dropped 1 1/8 to 65 1/16. Oracle Corp. (ORCL) dipped 3 to 70 1/16 and Sun Microsystems Inc. (SUNW) ended off 3 5/8 to 77 1/4.
Among widely held Internet stocks, Yahoo! Inc. (YHOO) plunged 11 11/16 to 120 5/16; America Online Inc. (AOL) slid 1 7/8 to 53 1/2; Lycos Inc. (LCOS) shaved off 3 13/16 to 58 1/2 and Amazon.com Inc. (AMZN) closed down 2 3/4 to 52 5/8.
Dell Computer Corp. (DELL) dipped 7/8 to 47. Compaq Computer Corp. (CPQ) clipped 7/16 to 27 9/16 while Apple Computer Inc. (AAPL) and Gateway Inc. (GTW) closed off 6 3/4 and 7/8 a share, respectively.>