Technology stocks held their gains in the first few hours of trading Monday, as hopes of a resolution to the presidential race offset weakness in online brokerages and Yahoo!. The Nasdaq Composite Index rose 100.01 to 3,017.44 and the Dow Jones Industrial Average was up 58.78 to 10,771.69
The Inter@ctive Week @Net Index rose 10 to 383.20.
E*trade (Nasdaq: EGRP), down 0.22 to 9.75, and Ameritrade (Nasdaq: AMTD), up 0.44 to 9.81, got downgraded Monday after monthly brokerage numbers for November confirmed analysts' worst fears.
Another round of Wall Street analysts are warning that Web giant Yahoo (Nasdaq: YHOO) will not live up to financial expectations, citing commonplace concerns that online advertising revenue will weaken. Yahoo! shed 1 to 33.94. Amazon (Nasdaq: AMZN) rose 0.63 to 24.06 and AOL (NYSE: AOL) gained 1.34 to 48.24.
JNI Corp. (Nasdaq: JNIC), down 24.5 to 38.5, announced its a href="http://www.zdii.com/industry_list.asp?mode=news&doc_id=ZE506818&pic=Y">outlook for the fourth quarter and year-end results. Earnings will be somewhere around expectations, and revenue is expected to rise.
Anadigics, Inc. (Nasdaq: ANAD), down 0.44 to 19.37, lowered guidance for the fourth quarter and fiscal year 2001 for the second time.
An international arbitration panel ruled Monday that Qualcomm Inc. (Nasdaq: QCOM), off 4.38 to 98.875, must share its code division multiple access (CDMA) sales royalties in South Korea, resulting in an $80 million charge to the company.
Broadband access firm Paradyne Networks (Nasdaq: PDYN), up 0.31 to 1.94, said Monday that CEO Andrew S. May has resigned, and will be replaced by current President and COO Sean E. Belanger.
Peregrine Systems, Inc. (Nasdaq: PRGN) said Monday it would spend $105 million to buy parts of IBM's Tivoli Systems unit as part of an alliance to strengthen integration of the companies' products.
Cisco (Nasdaq: CSCO) gained 2.44 to 54.81, Intel (Nasdaq: INTC) rose 1.89 to 35.89, Oracle (Nasdaq: ORCL) climbed 0.94 to 31 and Microsoft (Nasdaq: MSFT) was up 2.44 to 56.87.