CNET también está disponible en español.

Ir a español

Don't show this again

Christmas Gift Guide
Tech Industry

MARKET MIDDAY: Rate anxieties drag on techs&#039 slump

Interest rate anxiety got the better of techs again at midday Monday, sending the Nasdaq down 1.24 percent, much faster than the Dow. The Nasdaq sunk 33.34 to 2,659.06, while the Dow Jones industrial average dropped 3.80 to 10,914.76.

Techs were following the rate-sensitive bond market, on a downswing since a falling dollar and interest rate concerns raised by Federal Reserve Chairman Alan Greenspan's comments sparked the trend last week.

In economic news, fears of rising mortgage rates boosted sales of existing homes 10.6 percent to a record 5.53 million annual rate, the National Association of Realtors said Monday. The median price of a home rose 4.3 percent to $137,000, while the mean price rose 5.6 percent to $173,900, the association also reported.

Among stocks in the news today, GTE Corp. (NYSE: GTE), steady at 76 1/4, posted earnings of 79 cents a share, on target with First Call's expectation. Also reporting were RSL Communications Ltd. (NASDAQ: RSLC), down 1 1/16 to 21 7/16, and BackWeb Technologies Ltd. (Nasdaq: BWEB), down 1 3/16 to 28 3/16.

Texas Instruments (NYSE: TXN), down 2 7/8 to 136 1/8, said Monday it plans to buy Unitrode Corporation (NYSE: UTR), up 8 to 34 3/4, in a deal valued around $1.2 billion.

Microsoft Corp. (Nasdaq: MSFT) sunk 1 1/4 to 89, Intel Corp. (Nasdaq: INTC) added 15/16 to 65 1/8 while Advanced Micro Devices Inc. (NYSE: AMD) rose 1/4 to 16 3/8.

Invesors were taking chunks out of Internet issues, with Yahoo! Inc. (Nasdaq:YHOO) down 5 1/2 to 140 1/4, and Amazon.com Inc. (Nasdaq: AMZN) shedding 3 9/16 to 111. America Online Inc. (NYSE: AOL) was down 6 9/16 to 101 3/8. Other Net notables included: Lycos Inc. (Nasdaq: LCOS), up 7/8 to 95 13/16, Infoseek Corp. (Nasdaq: SEEK), down 5/16 to 40 5/16, Excite@Home (Nasdaq: ATHM), up 1/16 to 46 1/8, and Mindspring (Nasdaq: MSPG) down 2 1/4 to 41 7/8.

IBM Corp. (NYSE: IBM) dropped 1/4 to 124 9/16. Gateway Inc. (NYSE: GTW) grew 9/16 to 73 9/16, Dell Computer Corp. (Nasdaq: DELL) dropped 1/4 to 40 3/4 and Compaq Computer Corp. (NYSE: CPQ) added 11/16 to 25 3/16. Apple Computer Inc. (Nasdaq: AAPL) also moved down 1 5/16 to 52.

Cisco Systems Inc. (Nasdaq: CSCO) shed 13/16 to 62 1/8. 3Com Corp. (Nasdaq: COMS) dropped 5/16 to 24 9/16, and Lucent Technologies Inc. (NYSE: LU) fell 1 5/16 to 65 13/16.

CMGi Inc. (Nasdaq: CMGI) also dropped 3 1/2 to 93 11/16.

Oracle Corp. (Nasdaq: ORCL) fell 1/4 to 35 15/16, AT&T Corp. (NYSE: T) gained 1/2 to 54 1/2, and Sun Microsystems Inc. (Nasdaq: SUNW) fell 1 1/16 to 69 5/16.