CNET también está disponible en español.

Ir a español

Don't show this again

Tech Industry

MARKET CLOSE: Brokerage stocks rattle Wall Street

    Profit warnings from Chase Manhattan and J.P. Morgan erased any chance of a rally Thursday as the Dow Jones industrial average fell 119 points to 10,674.99. The Nasdaq composite closed off 94 points to 2,728.53.

    “The market had expectations that maybe stocks were totally sold out on disappointing earnings, but in comes Chase and J.P. Morgan and they are slammed,” said Joseph Barthel, chief investment strategist at Fahnestock & Co. “Now the premise that stocks have totally sold out based on disappointments may not be valid, so you are getting softness.:

    Adobe Systems (Nasdaq: ADBE) tumbled $8.88 to $57.31 after the software developer was downgraded to "neutral" by an analyst citing lofty valuation and a tough environment.

    Microsoft (MSFT) shares shed $1.75 to $55.50. Oracle (ORCL) lost 88 cents to $27.50 ahead of its second-quarter results and Sun Microsystems (SUNW) closed off 6 cents to $31.69.

    Nortel Networks Corp. (NYSE: NT) moved up $2.31 to $38.75 after telling analysts it will meet targets for the fourth quarter and fiscal 2000, as well as the first quarter and fiscal year of 2001.

    Cisco Systems (CSCO) trimmed 19 cents to $50.94 and Lucent Technologies (LU) clipped $1.25 to finish at $18.69.

    Intel (INTC) lost 38 cents to $35.13. IBM (IBM) rose $1.06 to $92.31 and Advanced Micro Devices (AMD) slipped 25 cents to $16.50.

    BroadVision (Nasdaq: BVSN) dropped $1.19 to $20.88 after getting a downgrade from ABN AMRO.

    Yahoo! (YHOO) fell another $2.88 to $32. America Online (AOL) picked up $1.55 to $50 after the FTC approved its blockbuster merger with Time Warner (TWX). Amazon.com (AMZN) and eBay (EBAY) fell $1.06 and $2.25 a share, respectively, while CMGI (CMGI) shed 56 cents to $9.06 ahead of its earnings report.

    Fiber optics giant Corning Inc. (NYSE: GLW) fell $2.44 to $70 after it said it will hit the high-end of estimates for fourth quarter earnings and outlined its strategy for long-term growth. SDL (SDLI) and JDS Uniphase (JDSU) fell $16.31 and $3.19 a share, respectively.

    Among widely held PC stocks, Gateway (GTW) added $1.11 to $18.79; Apple Computer (AAPL) clipped 56 cents to $14.44; Dell (DELL) lost 56 cents to $19.88 and Compaq Computer (CPQ) moved up 60 cents to close at $18.70.