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Tech Industry

MARKET CLOSE: Technology stocks still slumping

    Technology stocks pulled back Tuesday ahead of Federal Reserve Chairman Alan Greenspan's second round of congressional testimony. The Nasdaq composite fell 31 points to 4,380.67 while the Dow added 85 points to 10,304.84.

    "Stocks are naturally suffering with the realization that Greenspan is serious. He is going to keep turning the screws until it really does make a difference to the economy," said William Cheney, chief economist for John Hancock Funds. "He's not going to be satisfied until the stock market has taken notice of him."

    Gateway Inc. (GTW) added 11/16 to 57 3/16. Apple Computer Inc. (AAPL) rose 2 9/16 to 113 13/16 while Compaq Computer Corp. (CPQ) and Dell Computer Inc. (DELL) fell 7/16 and 1/4 a share, respectively.

    SBC Communications Inc. (NYSE: SBC) fell 2 1/4 to 36 to after announcing it will buy Sterling Commerce (NYSE: SE) in a cash deal valued at $3.9 billion. Sterling Commerce shares moved up 12 to 43 9/16.

    Motorola Inc (NYSE: MOT) closed up 11 15/16 to 156 7/8 after saying it would buy closely held C-Port Corp., a company that makes networking equipment, for $430 million in stock.

    Intel Corp. (INTC) moved up 1 3/8 to 106 3/4. Advanced Micro Devices Inc. (AMD) closed off 1 3/16 to 41 13/16 and IBM Corp. (IBM) shed 1 7/16 to 111 1/16.

    Yahoo! Inc. (YHOO) fell 2 5/16 to 153 13/16 while America Online Inc. (AOL) and Lycos Inc. (LCOS) trimmed 1 5/8 and 2 1/2 a share, respectively. Excite@Home Corp. (ATHM) edged up 1/8 to 34 3/16 and Inc. (AMZN) closed off 1 to 63 3/4.

    Global Crossing (Nasdaq: GBLX) dropped 3 3/4 to 48 5/8 after announcing it's buying communications provider IXnet and its parent company IPC Communications in a stock deal valued at $3.8 billion.

    Nextel Communications (Nasdaq: NXTL) picked up 12 5/16 to 131 after the digital wireless phone company reported a narrower-than-expected fourth-quarter loss and announced a 2-for-1 stock split.

    PSINet (Nasdaq: PSIX) closed off 7 1/16 to 38 3/4 after it said fourth quarter operating loss was 99 cents a share, topping estimates. Edward Postal, CFO, also resigned.

    Microsoft Corp. (MSFT) finished off 1 1/4 to 93 13/16. Oracle Corp. (ORCL) inched up 3/4 to 59 5/16 and Sun Microsystems Inc. (SUNW) closed off 5 1/16 to 87 3/4.