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CNNfn tech stock report
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December 7, 1998: 4:23 p.m. ET
Positive earnings forecasts help spark broad-based tech stock gains
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NEW YORK (CNNfn) - Technology shares climbed higher Monday as several companies enjoyed the fruits of positive earnings forecasts.
In the always-exciting Internet sector, EarthWeb Inc. (EWBX) soared 19-1/4, or 58 percent, to 52-1/4 after the company reported it is on target to meet fourth-quarter estimates for a loss of 56 cents a share. The company also received a boost from Bear Stearns, Volpe Brown and J.P. Morgan, which opened coverage on the online data services company with "attractive" and "buy" ratings.
Elsewhere in the sector, theglobe.com inc. (TGLO) jumped 11-13/16 to 39-1/4; @Home Corp. (ATHM) added 3-9/16 to 60-1/2; and Verity Inc. (VRTY) rose 2-1/4 to 20-5/8.
Online auctioneer eBay Inc. (EBAY), however, shed 8-1/4 to finish at 174-1/4.
In the chip sector, Intel Corp. continued its hot streak after Donaldson Lufkin and Jenrette raised its fourth-quarter and fiscal 1999 earnings estimates for the chipmaker. Intel (INTC) shares finished 2-11/16 higher at 119.
Compaq Computer Corp. (CPQ) rose 2-11/16 to 41-3/8 after Credit Suisse First Boston raised its fiscal 1999 earnings estimates to $1.75 from $1.70 for the No. 1 computer maker.
Other computer stocks gaining ground Monday included Dell Computer Corp. (DELL), which rose 1-5/8 to 67-5/8; Gateway Inc. (GTW), which climbed 1-3/16 to 52-1/2; and IBM Corp. (IBM), which gained 2-3/4 to 167.
Microsoft Corp. (MSFT) jumped 6-1/4 to 133-5/8, lifted by South Carolina's decision to withdraw from the federal antitrust suit against the software titan.
Among other software companies, Citrix Systems Inc. (CTXS) climbed 5-3/4 to 87-9/16; Electronic Arts (ERTS) rose 3-1/8 to 46-1/4; and BMC Software Inc. (BMCS) added 1-1/2 to 48-11/16. 
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