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Tech Industry

MARKET CLOSE: Tech rally loses steam

    Technology stocks cooled off a bit Friday as the Nasdaq composite lost its early momentum before fighting back to close up 2 points to 2,770.42. The Dow Jones industrial average fell 91 points to finish at 10,587.59.

    Despite Friday’s mixed results, the Nasdaq closed up 144 points for the week.

    “There has been a significant recovery in technology stocks despite the grave uncertainty about earnings,” said Stanley Nabi, managing director of Credit Suisse Asset Management, which has $100 billion under management. “But I think there is uncertainty about how many quarters they have ahead of them where earnings will not compare favorably to last year.”

    Shares of Sun Microsystems (Nasdaq: SUNW) fell $4 to $30.88, a day after the company cut its outlook for 2001. Analysts lowered estimates; a few issued downgrades.

    Microsoft (MSFT) rose $5.50 to $61 and Oracle (ORCL) gained 75 cents to finish at $34.56.

    Dell Computer (Nasdaq: DELL) picked up $1.44 to $25.63, after an analyst went against the grain and upgraded the stock.

    Compaq (CPQ) added $1.31 to $20.50 while Apple Computer (AAPL) and Gateway (GTW) rose 81 cents and $1.17 a share, respectively.

    Intel (INTC) gained $1.38 to $33.56. Advanced Micro Devices (AMD) trimmed 69 cents to $22 and IBM (IBM) continued its strong rally, jumping $2.94 to $111.25.

    eBay (EBAY) moved up $3.25 to $50.13 after it topped analysts’ estimates in its fourth quarter and boosted its 2001 guidance. Yahoo (YHOO) slid 63 cents to $33.81 while America Online (AOL) and Amazon.com (AMZN) closed up $4.03 and 44 cents a share, respectively.

    Shares of CMGI (Nasdaq: CMGI) dropped $1.16 to $5.69 after the company said it likely will miss revenue and earnings targets for the current fiscal year.

    Commerce One (Nasdaq: CMRC) rallied up $6.34 to $28.03 following its fourth quarter report. Most analysts praised the company's surprising momentum and positive outlook, but a few questioned its relationship with SAP and business model.

    Ariba (ARBA) added $1 to $38.13 and i2 Technologies (ITWO) moved up $2.81 to $53.69.

    ADC Telecommunications (Nasdaq: ADCT) tumbled $5.75 to $15.56 after the company said its fiscal first-quarter earnings would miss estimates due to a sector-wide spending slowdown.

    Cisco Systems (CSCO) lost $1.50 to $40.38. Nortel Networks (NT) picked up $3.31 to $40 and Lucent Technologies (LU) closed up 88 cents to $20.56.