MARKET CLOSE: Techs break out of slump

2 min read

Technology stocks finally snapped out of a weeklong losing streak Friday as the Nasdaq composite closed up 115 points to 4,572.59. The Dow Jones industrial average fell 58 points to end at 10,921.92.

Most of the sector's gains came in late trading as bottom feeders swooped in on beaten down tech leaders.

"It is the Friday after a crazy couple of days that we have had. No one is really enthusiastic about going out and being a hero," said Ned Collins, head of trading at Daiwa Securities America.

Internet stocks finally got back on track as America Online Inc. (AOL) moved up 2 13/16 to 67 13/16 and Lycos Inc. (LCOS) rose 5 3/4 to 70 3/16. However, eBay (EBAY) fell 31 1/8 to 176. Yahoo! Inc. (YHOO) closed up 1 7/8 to 171 3/8 and Amazon.com Inc. (AMZN) picked up 1/2 to end at 67.

Net2Phone (Nasdaq: NTOP) rose 3 3/4 to 59 1/8 after AT&T (NYSE: T) and its partners said Friday they will acquire a 39 percent voting stake in the company. AT&T closed off 7/8 to 56 15/16.

On the IPO front, ValueClick (Nasdaq: VCLK) inched up 1 15/16 to 20 15/16 after pricing shares at $19, the middle of their range.

Networking specialist ArrowPoint Communications (Nasdaq: ARPT) soared up 84 31/64, or 248 percent, to 118 31/64 in its debut.

Among widely held PC stocks, Dell Computer Corp. (DELL) added 1 3/4 to 53 15/16; Compaq Computer Corp. (CPQ) lost 1 7/8 to 26 5/8; Gateway Inc. (GTW) trimmed 5/16 to 53 and Apple Computer Inc. (AAPL) regained Thursday's losses, closing up 10 1/16 to 135 13/16.

New Era of Networks (Nasdaq: NEON) inched up 1/4 to 39 1/4 after it said the future was bright for its first quarter Friday; the company expects revenue to be between $40 million and $41 million.

Microsoft Corp. (MSFT) finished up 2 7/8 to 106 1/4 and Oracle Corp. (ORCL) closed off 3/8 to 78 1/16.