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HolidayBuyer's Guide
Tech Industry

MARKET CLOSE: Techs hold ground despite Intel sell-off

Intel led technology shares lower Friday as the Nasdaq composite shed 25 points to 3,803.60. The Dow Jones industrial average moved up 82 points to close at 10,847.37.

Intel (INTC) plunged $13.61 to $47.88 after warning that its third-quarter sales will be below estimates. More than 350 million shares changed hands, a one-day record.

"The intervention on its own would be fine (for equities markets), but for Intel," said Arthur Hogan, chief market analyst at Jefferies & Co. "The combined effect is, well, the euro issue is being overridden by Intel. Intel's problem has to do with demand and that's a major disappointment."

Advanced Micro Devices (AMD) gained $1.06 to $25 and IBM (IBM) rose $2.44 to $123.94.

Inrange Technologies (Nasdaq: INRG) charged up $30.25 to $46.25 in its initial public offering.

Among widely held PC stocks, Dell (DELL) fell $2.06 to $35.88; Compaq (CPQ) added $2 to $29.88; Gateway (GTW) moved up $4.50 to $55.50 and Apple Computer (AAPL) closed off $4.50 to $52.19.

National Semiconductor (NYSE: NSM) picked up $3 to $41.50 after it announced a plan to buy back 8 million shares of stock.

1-800-Flowers.com (Nasdaq: FLWS) moved up 94 cents to $5.44 after announcing it has signed a new five-year deal with America Online Inc. (NYSE: AOL), up $1.31 to $54.81.

Microsoft (MSFT) closed off 94 cents to $63.25 while Oracle (ORCL) and Sun Microsystems (SUNW) finished up $1.80 and $1.56 a share, respectively.