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HolidayBuyer's Guide
Tech Industry

MARKET CLOSE: Internets, IPOs salvage lost day

Internet stocks and initial public offerings made all the noise Tuesday as the Dow Jones industrial average fell 28 points to 10,275.53 after being off more than 200 points in early trading. The Nasdaq shaved off 5 points to end at 2,756.26.

"It's noteworthy that yesterday's gains got thinner as the day got older," said Charlie Crane, chief market strategist at Key Asset Management. "Investors are selling into strength."

In economic news, the index of consumer confidence dropped slightly in September for the third consecutive month, according to a report from the Conference Board, a New York-based business research group. The index, which surveys 5,000 U.S. households -- dipped to 134.2 from 136.0 a month earlier.

Foundry Networks Inc. (FDRY) surged up 131 1/4 to 156 1/4 in its debut after pricing its 5 million-share initial public offering at $25.

In other IPOs Tuesday, Airgate PCS (PCSA) gained 9 13/16 to 26 13/16; Freeshop.com (FSHP) picked up 1 9/16 to 13 9/16; ITXC Corp. (ITXC) closed up 16 1/4 to 28 1/4 and Medscape (MSCP) rallied up 5 13/16 to 13 13/16.

America Online Inc. (AOL) rose 8 3/8 to 109 1/2 and Yahoo! Inc. (YHOO) tacked on 3 5/16 to 184 11/16. Excite@Home Corp. (ATHM) inched up 1/16 to 38 3/8. Amazon.com Inc. (AMZN) shot up 3 5/16 to 65 7/8 and Lycos Inc. (LCOS) trimmed 3/32 to 48 9/32.

Telecommunications equipment maker Nortel Networks Corp. (NT) rose 2 to 50 after it unveiled a new networking technology for the Internet which it said will avoid information traffic jams caused by ``Old World'' routers.

Telecommunications equipment giant Lucent Technologies Inc. (LU) lost 3/8 to 65 15/16 after inking fiber optical agreements valued at up to $300 million, and another deal worth $50 million for a network in the Pacific Northwest.

Among widely held PC stocks, Dell Computer Corp. (DELL) dropped 3/16 to 43 7/8; Gateway Inc. (GTW) added 5/16 to 45 ?; Compaq Computer Corp. (CPQ) moved up 7/16 to 22 13/16 and Apple Computer Inc. (AAPL) fell 1 11/16 to 59 5/8.

Intel Corp. (INTC) closed off 11/16 to 77 1/2. Advanced Micro Devices Inc. (AMD) slid 1 to 17 1/16 and International Business Machines Corp. (IBM) rose 13/16 to 123 13/16.