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Tech Industry

MARKET CLOSE: Techs end strong week with slight losses

    Technology stocks pulled back a bit Friday as the Nasdaq composite fell 14 points to 2,626.08. For the week, the tech-laden index moved up 218 points.

    Reports on retail sales and producer-level inflation that showed the U.S. economy may still be growing at a decent clip, heightened expectations the Fed might not be as vigorous in lowering rates again to keep the economy from slowing down too much.

    “The market is showing some resilience,” said Alan Skrainka, chief market strategist at Edward Jones. “(The data) was disappointing for those of us looking for a 50 basis-point cut at the end of the month. The market could have been down a lot more, especially in the wake of the Gateway and Hewlett-Packard disappointments.”

    Hewlett-Packard (HWP) fell $1.69 to $30.69 following its profit warning.

    Gateway (GTW) lost $1.80 to $21.10 after missing analysts’ estimates in its latest quarter and announcing layoffs. Apple Computer (AAPL) fell 81 cents to $17.19 while Compaq (CPQ) and Dell (DELL) shed 79 cents and 69 cents a share, respectively.

    Shares of AOL Time Warner Inc. (NYSE: AOL) closed off 76 cents to $46.47. The gigantic media merger finally closed late Thursday after one year and one day of wrangling with regulators.

    Ariba (Nasdaq: ARBA) plunged $8.19 to $35.19 despite an upbeat quarterly report. Many analysts lowered ratings and said ambiguous accounting may hide a slowdown in revenue growth.

    Among other widely held Internet issues, Amazon.com (AMZN) rose 69 cents to $17.69; eBay (EBAY) trimmed 88 cents to $40.06 and CMGI (CMGI) added 56 cents to $5.75.

    DoubleClick (Nasdaq: DCLK) gained $3.50 to $14.75 after reporting quarterly results and cutting guidance for 2001. Most analysts said the warning was expected, and saw several positives for the company, while one analyst suggested investors forsake the stock in favor of the bond.

    Cisco Systems (CSCO) lost $1.13 to $38. Nortel Networks (NT) pulled back 69 cents to $33.38 and Lucent Technologies (LU) finished up 75 cents to $18.94.

    Microsoft (MSFT), which reports earnings next week, closed off $1.50 to $53.50. Sun Microsystems (SUNW) dropped $1.50 to $30.44 and Oracle (ORCL) closed off $1 to $32.31.

    Intel (INTC) clipped $1.25 to $32.13. Advanced Micro Devices (AMD) trimmed 38 cents to $17.81 and IBM (IBM) closed up 13 cents to $93.81.