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Tech Industry

MARKET PREVIEW: IPOs refresh techs

Exhaustion from this week's earnings roller coaster shouldn't stop techs from staging a little Friday celebration on earnings and IPOs. Asia was mixed, Europe was up, and the Dow is set to open slightly higher.


Microsoft's giddy profits and Big Blue's warning have made techs loopy this week; with just a few more earnings to digest Friday, techs are set to coast into the weekend.

Sycamore Networks is finally ready to go, with 7.5 million shares priced at a lofty $38 each. The maker of optical equipment to improve the performance of fiber networks almost doubled its proposed range from $18-$20 to $35-$37. MCK Communications, maker of voice networks equipment, priced 3.4 million shares at $16 per share. NaviSite, a CMGI backed ASP, priced 5.5 million shares at $14 each, the top of its upwardly revised range.

Expect the following technology stocks to be among Friday's most actively traded issues: Check Point Software Technologies Ltd. (Nasdaq: CHKP), First Data Corp. (NYSE: FDC), Inktomi Corp. (Nasdaq: INKT), LSI Logic Corp. (NYSE: LSI), NaviSite Inc. (Proposed ticker: NAVI), Sapient Corp. (Nasdaq: SAPE) and Viant Corp. (Nasdaq: VIAN).

IBM's disappointing earnings report took its toll on the Dow Thursday, but after falling more than 200 points in early trading it battled back to close off only 95 points to 10,297.69. With the notable exception of mainframe software stocks, techs managed to gain ground as the Nasdaq rose 13 points to 2,801.12.

At the Bell

The Dow Jones industrial average may open about 41 points higher. The Standard & Poor's 500 index for June futures contracts was up 5.2 points to 1301 at 7:40 a.m. EST in 24-hour electronic trading.

The Inter@ctive Week @Net Index was up 3 to 340.73.


Trading in Asia was mixed. The Nikkei 225 slipped 0.05 percent to 17,438, Singapore's Strait Times index lost 0.01 percent to 2,017 and Hong Kong's Hang Seng was up 2.72 percent to 12,863.


European markets were moving up. London's FTSE 100 rose 1.19 percent to 6,009. The CAC 40 in Paris gained 1.27 percent to 4,661 and the Xetra DAX in Frankfurt was up 1.59 percent to 5,330 at 7:15 a.m. EST.

Reuters contributed to this report.