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Tech Industry

MARKET CLOSE: Techs show signs of life

"Triple-witching" expiration of futures and option contracts helped push blue-chip stocks higher Friday as the Dow Jones industrial average moved up 66 points to 10,803.63 while the Nasdaq roared up 66 points to close at 2,869.64.

Bonds also rose as the dollar recovered strength against the yen.

"This is mostly related to triple-witching expirations leaning in the buy side," Peter Coolidge, senior equity trader at Brean Murray & Co.

In economic news, housing starts in August rose 0.4 percent, the Commerce Department said. The rise was higher than analysts had predicted, and came despite a recent rise in mortgage rates.

Despite a generally positive day, there were a few stocks that got hammered.

eBay Inc. (EBAY) lost 10 3/4 to 141 after news a network of electronic commerce Internet sites, including Microsoft, Lycos, Dell and Excite@Home are forming an alternative to its online auction site.

Vitria Technologies (VITR) stormed up 32 1/4 to 48 1/4 after pricing its 3 million-share offering at $16 a share.

Tibco Software Inc. (TIBX) lost 5/8 to 35 1/8 after it posted a third quarter loss of 3 cents a share Thursday, much better than loss of 6 cents a share First Call was expecting.

Cypress Semiconductor (CY) rose 3 7/16 to 28 1/4 on news it will receive half the proceeds from the IPO of QuickLogic Corp., which set offering at 6.667 million common shares with a projected price range of $8-10 per share Thursday.

Dell Computer Corp. (DELL) added 2 1/8 to 48 7/8. Compaq Computer Corp. (CPQ) shaved off ? to 23 3/4 and Gateway Inc. (GTW) rose 2 13/16 to 49 11/16. Apple Computer Inc. (AAPL) inched up 1/8 to 76 15/16.

Intel Corp. (INTC) closed up 2 to 84 5/8 and International Business Machines Corp. (IBM) slid 4 11/16 to close at 125 5/16.

Among widely held network-equipment stocks, Cisco Systems Inc. (CSCO) gained 3 to 73 1/2; 3Com Corp. (COMS) lost 1/8 to 27 9/16; Lucent Technologies Inc. (LU) added 11/16 to 69 15/16 and Cabletron Systems closed up 1 1/2 to 19 1/2.