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Tech Industry

MARKET CLOSE: Techs slip ahead of key earnings reports

    Technology stocks lost ground Monday as investors prepared for a flood of key earnings report in the next few weeks. The Nasdaq composite fell 42 points to close at 3,980.71 while the Dow moved up 11 points to end at 10,647.29.

    JDS Uniphase (JDSU) fell 15 1/16, or 13 percent, to 101 1/8 after announcing it will buy SDL (SDLI) in deal valued at more than $41 billion.

    SDL shares rallied up 25 3/8 to a 52-week high of 320 11/16.

    "JDS is putting a little pressure on the Nasdaq," said Bill Meehan, chief market analyst at Cantor Fitzgerald. "Most of the market I believe is going to be relative quiet. Essentially we are in the start of the earnings season."

    Other fiber-optic equipment makers made decent gains as Ciena (CIEN) picked up 1 7/8 to 173 3/4 while New Focus (NUFO) and Avanex (AVNX) charged up 17 1/2 and 19 1/2 a share, respectively.

    Yahoo! (YHOO) fell 6 1/2 to 110 ahead of Tuesday's earnings report. America Online (AOL) lost 1 3/8 to 55 5/8 while Amazon.com (AMZN) and eBay (EBAY) shed 1 1/16 and 1 5/8 a share, respectively. Lycos (LCOS) closed off 2 3/4 to 46 1/2.

    CyberSource Corp. (Nasdaq: CYBS) picked up 7/16 to 16 15/16 after announcing it will buy PaylinX Corporation to extend its e-commerce transaction capabilities in a deal worth about $138.6 million.

    SBC Communications Corp. (NYSE: SBC) moved up 1/8 to 44 13/16 after it announced it will give a PC to consumers who sign up for a two-year high-speed Internet service contract.

    Among widely held PC stocks, Dell (DELL) lopped off 7/8 to 49 15/16; Compaq (CPQ) closed unchanged at 26 1/16; Apple (AAPL) gained 2 5/8 to 57 1/16 and Gateway (GTW) closed up 3 7/8 to 65 3/8.

    Intel (INTC) dropped 1 7/16 to 137 7/8. Advanced Micro Devices (AMD) picked up 2 to 84 and IBM (IBM) dipped 1 3/4 to 103 5/16.

    Oracle (ORCL) slid 1 3/4 to 74 1/8. Microsoft (MSFT) trimmed 2 1/2 to 79 1/2 and Sun Microsystems (SUNW) finished up 1 11/16 to 91 3/4.

    Cisco Systems (CSCO) dropped 2 1/4 to 63 1/8. Lucent Technologies (LU) rose 1 1/8 to 56 1/4 and Nortel Networks (NT) closed off 1 1/8 to 70.