Technology stocks finally staged a decent rally only to give back most of the gains in late trading Friday as the Nasdaq added 47 points to close at 2,645.37. The Dow trimmed 41 points to finish at 10,373.54.
"It's bargain hunting," said Noah Blackstein, vice president and portfolio manager at Dynamic Power American Fund. "The market has been completely destroyed over the last month and we are having a nice oversold relief rally."
Micron Electronics (MUEI) fell $1.25 to a 52-week low of $4.06 after warning that its first-quarter sales and earnings would miss analysts' estimates.
Gateway (GTW) inched up 12 cents to $19.12. Dell Computer (DELL) shed 81 cents to $18.44 and Apple Computer (AAPL) rose 56 cents to $17.06.
Compaq (NYSE: CPQ) gained $1.30 to $22.80 on news that it will repurchase up to $1 billion of its common shares.
Microsoft (MSFT) fell 75 cents to $56.65. Sun Microsystems (SUNW) added 88 cents to $76.94 and Oracle (ORCL) closed off 6 cents to $26.44.
Jabil Circuit (NYSE: JBL) picked up $4.63 to $35.88 as analysts said the outlook for equipment manufacturers wasn't as dire as some had suggested. Solectron (SLR) added $1 to $29.
Yahoo! (YHOO) dropped 69 cents to $38.94. America Online (AOL) rose 90 cents to $41.51 while eBay (EBAY) and CMGI (CMGI) inched up 44 cents and 6 cents a share, respectively. Amazon.com (AMZN) closed off 19 cents to $24.50.
Webb Interactive Services, Inc. (Nasdaq: WEBB) CEO Perry Evans boosted his company's stock, up $1 to $3, by announcing he would repurchase shares.
Intel (INTC) clipped $3.94 to $34.13. Advanced Micro Devices (AMD) gained 19 cents to $15.44 and IBM (IBM) tacked on $2.13 to $95.63.
Broadvision (Nasdaq: BVSN) shed $2.50 to $20.13 after a downgrade, citing a possible lack of customer traction as the company transitions to a new product.