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CNNfn tech stock report
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September 18, 1998: 6:07 p.m. ET
After staying quiet most of session, techs rebounded in final hour
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NEW YORK (CNNfn) - On a day marked by the "triple witching" expiration of options and futures contracts, things stayed quiet most of the day before breaking out in the final hour of trading.
The Nasdaq Composite closed up 17.52 points to 1,663.77 on volume of just over 644 million shares. Advances beat declines by almost a 3-to-2 margin.
The day's movers included Platinum Software Corp. (PSQL) which shed 4-13/16 to 8 on speculation the company's earnings will come in below expectations.
Communications-switch maker Xylan Corp. (XYLN) lost 2-3/8 to 10-3/4 following Thursday's profit warning from France's Alcatel. Alcatel is one of Xylan's biggest customers.
Computer-storage maker EMC Corp. (EMC) lost 1-11/16 to 53-3/8 after John R. Egan, son of the company's co-founder, announced he was leaving. Egan, who was seen as a candidate to succeed Chief Executive Officer Michael C. Ruettgers said he was leaving to pursue other interests.
Although Internet stocks were mostly quiet, technology marketer Think New Ideas Inc. (THNK) was a standout. The company's shares jumped 2-1/16 to 8-1/2 following the release of its annual report. Analysts had been speculating that the company would restate earnings.
Solid Internet climbers included online book and music retailer Amazon.com Inc. (AMZN) which jumped 2-11/16 to 79-11/16.
Leading networking companies gained back some of Thursday's losses. Shares of Tellabs Inc. (TLAB) climbed 1-13/16 to 41-7/8, Lucent Technologies Inc. (LU) added 11/16 to 72-13/16 and Northern Telecom Ltd. (NT) added 1-1/16 to 40-5/8.
Telecommunications services company IXC Communications Inc. (IIXC) jumped 4-1/2 to 34-9/16 after Goldman Sachs added the stock to its recommended list.
Shares of Citrix Systems Inc. (CTXS) jumped 3 to 68-1/8 after the company announced it was being added to the S&P Mid-Cap 400 Index.
For the latest information on technology, tune into CNNfn's "Digital Jam" weeknights at 7:30 p.m. ET or click here to watch the program via Microsoft NetShow.
--by staff writers Cyrus Afzali and Brendan Hasenstab
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