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Big bounce for tech stocks
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June 16, 1998: 6:04 p.m. ET
Computer makers and Net companies lead the way; bargain hunters abound
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NEW YORK (CNNfn) - After yesterday's blowout, investors roared back into the market Tuesday, hungry for bargains. And there were plenty to be found in the technology sector.
While it took the Dow Jones industrial average most of the session to find a direction, the Nasdaq Composite took off like a shot, right from the opening bell. It closed the session up 37.37 at 1,753.12.
Internet stocks were standouts again, with search engines turning in the best performances.
Yahoo! (YHOO) jumped 6-11/16 to 121-15/16.
Speculation that major media companies may be looking to buy stakes in search companies drove Lycos (LCOS) and Excite (XCIT) up more than $3 each. Infoseek (SEEK) rose just 1/2 to finish at 33-1/8.
That enthusiasm spilled over into almost every other Internet-related stock.
Bookseller Amazon.com (AMZN) jumped 7-7/8 to 73-5/8, as investors continue to applaud the company's move into the music retailing business.
Internet service giant America Online (AOL) rallied 3-7/8 to 89. The company inked a deal with IBM Tuesday to have its software loaded on Big Blue's Aptiva and ThinkPad personal computers.
Software titan Microsoft (MSFT) added 3-15/16 to close at 89-7/8.
Most PC makers saw their stocks rebound today after some recent losses. After dropping 2-1/2 yesterday, Dell Computer (DELL) gained 4-23/32 to 84-31/32.
Gateway (GTW) rallied 2-3/4 to 46-1/4.
Compaq Computer (CPQ) rose 1-3/16 to end at 28-5/16.
The only big computer company to sit out the rebound was IBM (IBM).
Big Blue fell 2-1/4 to 110, after Merrill Lynch analyst Steven Mulinovich cut his earnings estimates for the company. But he said the stock is still a good buy over the long term.
The chip sector, bruised badly in recent sessions, finally got a break. Intel (INTC) rose 2-15/16 to 69-13/16. Texas Instruments (TXN) bounced back from a recent sell-off, rising 4 to 52. Micron Technology (MU) gained 2-3/8 to 22-1/2. And Vitesse Semiconductor (VTSS) rose 1-1/2 to 25-15/16.
Shares of Internet media company CNET (CNWK) rose 1-3/4 to 45-1/2.
Software maker Novell (NOVL) rose 1 to 13, after winning a patent infringement suit against Action Technologies.
3Com (COMS) gained 1-3/8 to 25-9/16. The networking giant unveiled a new product Tuesday that it says will lower the cost of ownership for companies that own notebook computers.
And Citrix Systems (CTXS) 4-3/8 to 59-5/16. Microsoft debuted a new version of Windows NT today that Citrix helped design.
Lucent Technologies (LU) jumped 2-15/16 to 73-15/16, after some recent weakness.
Sun Microsystems (SUNW) climbed 2-3/8 to 22-1/2 after winning a contract from the U.S. Air Force. Financial details were not disclosed.
And Electronic Arts (ERTS) gained 3-1/32 to close at 48-7/8.
--by staff writer Brendan Hasenstab
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