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CNNfn tech stock report
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December 2, 1998: 4:32 p.m. ET
Chip, software gains not enough to offset drag from Internet stocks
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NEW YORK (CNNfn) - Technology shares finished lower Wednesday as a sluggish Internet sector couldn't offset gains among chip component and software companies.
Chip-equipment makers posted strong gains, boosted by expectations of strong PC demand. Applied Materials Inc. (AMAT) gained 4-3/8 to close at 43-13/16; Analog Devices Inc. (ADI) rose 3 to 24; Linear Technology Corp. (LLTC) climbed 2-1/8 to 72-15/16; and Novellus Systems Inc. (NVLS) jumped 3-3/8 to 52-1/2.
Their good fortune did not translate to chipmakers, however, as bellwether Intel Corp. (INTC) shed 1-7/16 to 113-9/16; Advanced Micro Devices Inc. (AMD) fell 1/2 to 28-11/16; and Motorola Inc. (MOT) slipped 5/16 to 62-3/4.
Software shares also posted strong gains, lead by a pair of companies that provide products for large corporate networks.
BMC Software Inc. (BMCS) added 4-1/4 to close at 56-1/4, while Citrix Systems Inc. (CTXS) gained 5-7/16 to 86-3/8.
Also included among gainers was personal-finance software maker Intuit Inc. (INTU), which climbed 5-7/8 to 61-1/8, and design-software maker Autodesk Inc. (ADSK), which rose 4-5/8 to 42-3/8.
Microsoft Corp. (MSFT), however, fell 2-3/4 to 126-3/4 as the government released more excerpts from company chairman Bill Gates' videotaped deposition during the landmark federal antitrust suit.
The volatile Internet sector gave back some of the gains accumulated in Tuesday trade. Web portal leader Yahoo! Inc. (YHOO) dropped 9-3/16 to 197-1/16; Lycos Inc. (LCOS) fell 3-7/16 to 54-1/4; EarthLink Network Inc. (ELNK) tumbled 4-1/8 to 61-7/8; and Amazon.com Inc. (AMZN) fell 10 to 199-1/2.
On the positive side, fiber-optic component maker E-Tek Dynamics Inc. (ETEK) soared in its first day of trading, adding 14-3/4 from its opening price of 12 to close at 26-3/4.
Also, dELiA*s Inc. (DLIA) shares jumped 3-3/4 to 12 after the catalog retailer detailed progress of its reinvention as an Internet store.
In the networking sector, market leader Cisco Systems Inc. (CSCO) slipped 1-1/2 to 78-1/4 after the company announced its $126-million acquisition of privately held PipeLinks Inc.
Finally, Sun Microsystems Inc. (SUNW) tumbled 5-13/16 to 74-1/8 after Salomon Smith Barney cut its rating on the computer maker to "neutral" from "outperform." 
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