Expect the following technology stocks to be among Monday's most actively traded issues: Cisco Systems, eToys, Microsoft and Oracle. Cisco Systems Inc. (Nasdaq: CSCO)
The network-equipment maker said Friday it is seeking to almost double the number of its authorized shares of common stock to 10 billion from 5.4 billion, a Securities and Exchange Commission filing said.
The company said the additional shares may be needed to complete acquisitions or other corporate transactions as well as for the company's stock option and purchase plans and for other existing employee benefit plans.
Cisco asked its shareholders to approve the plan at the company's annual meeting Nov. 10 in Santa Clara, Calif., according to its proxy.
The San Jose, Calif.-based company has 3.29 billion shares outstanding as of Sept. 13, the filing said.
Its shares closed off 3/8 to 69 Friday. eToys Inc. (Nasdaq: ETYS)
According to the Wall Street Journal, e-tailer eToys is launching $20 million national television and print campaign this week.
Big deal? Well, the price tag represents nearly 70 percent of the company's total revenue last year, and 16 percent of its estimated 1999 revenue of $125 million. Microsoft Corp. (Nasdaq: MSFT)
Late Friday, J.P. Morgan reiterated its "buy" rating on the software giant and urged investors to buy shares on any weakness stemming from company President Steve Ballmer's negative remarks.
Epifanio said Microsoft's P-E ratio of 64 times earnings is roughly twice the average for S&P 500 stocks, in line with its trading levels of the past three years.
He said the market eventually will shrug off Thursday's remarks by Ballmer, who said many technology shares, including those of Microsoft, were overvalued.
Microsoft closed off 1/4 to 90 15/16 Friday. Oracle Corp. (Nasdaq: ORCL)
Oracle reportedly will roll out a new application suite this week.
CS First Boston analyst Wendell Laidley said it will release its 11i package which automates basic business operations and sits on top of Oracle's core databases.
Oracle shares ended off 1 5/16 to 42 3/16 Friday.
Reuters contributed to this report.