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Tech Industry

MARKET CLOSE: Sun, IBM lead techs higher

Blue-chip tech stocks showed some strength Monday, offsetting the losses absorbed by leading Internet offerings. The Dow Jones industrial average moved up 20 points to close at 10,823.90 while the Nasdaq gained 17 points to end at 2,886.15.

Despite the modest rally, some analysts are concerned that light volume and a limited number of stocks making substantial gains will curtail any hopes of a sustained upward trend.

"It's going to be a tough week," said Charles Payne, head analyst at Wall Street Strategies, an independent market research firm.

eBay Inc. (EBAY) fell another 5 to 136 on the formal announcement of new competitor FairMarket Inc., an online auction network of electronic commerce Internet sites including Excite@Home, Microsoft and Ticketmaster Online-CitySearch.

Yahoo! Inc. (YHOO) closed up 5 1/4 to 168 3/8 while Lycos Inc. (LCOS) and Excite@Home Corp. (ATHM) fell 11/16 and 3/4 a share, respectively. Infoseek Corp. (SEEK) shed 1 to 27 3/4 and America Online Inc. (AOL) lost 3 to 83. Inc. (AMZN) dipped 1 1/16 to 62 3/4.

RealNetworks Inc. (RNWK) rallied up 7 1/8 to 100 13/16 after CIBC World Markets started it with a "buy" recommendation.

Shares in Inc. (PCLN) gained 5 15/16 to 64 3/16 and Razorfish Inc. (RAZF) jumped 6 3/4 to 37 5/8 on upgrades Monday morning.

Among widely held PC stocks, Dell Computer Corp. (DELL) finished unchanged at 48 7/8; Apple Computer Inc. (AAPL) added 2 1/8 to 79 1/16; Gateway Inc. (GTW) shot up 4 3/8 to 53 7/8 and Compaq Computer Corp. (CPQ) inched up 3/16 to end at 23 15/16.

VoiceStream Wireless Corp. (VSTR) closed up 5 7/8 to 61 15/16 after the company said it and Aerial Communications Inc. (AERL), a digital-cellular-phone company, would merge to form a wireless network. Aerial shares rose 6 5/8 to 26 5/8.

Intel Corp. (INTC) lost 9/16 to 84 1/16 and Advanced Micro Devices Inc. (AMD) closed off 1 to 19 5/16. International Business Machines Corp. (IBM) tacked on 5 3/8 to 130 3/4.

Computer Sciences Corp. (CSC) moved up 7/8 to 65 3/16 after it said it would buy Nichols Research Corp. (NRES), a technical services company for military systems, in a $391 million stock deal. Nichols Research ended up 3/16 to 25 11/16.

Microsoft Corp. (MSFT) closed up 11/18 to 97 9/16. Sun Microsystems Inc. (SUNW) picked up 5 7/8 to 94 9/16 after announcing a 2-for-1 stock split and Oracle Corp. (ORCL) gained 1 9/16 to close at 45 1/8.