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CNNfn tech stock report
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December 10, 1998: 5:03 p.m. ET
Chip shares tumble again amid profit taking; Internet stocks fall
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NEW YORK (CNNfn) - Semiconductor stocks finished sharply lower Thursday for the second consecutive day amid losses across the entire technology sector.
The semiconductor industry has received a boost in recent weeks from a stream of positive outlooks for the industry. Analysts said the recent run-up in chip shares has resulted in investor profit taking over the last two days.
Among the more notable companies trading lower Thursday, Intel Corp. (INTC ) fell 4-9/16 to 114-5/8; Advanced Micro Devices Inc. (AMD ) 1-11/16 to 29-1/4; Motorola Inc. (MOT ) dropped 2-1/2 to 57-9/16; and Texas Instruments Inc. (TXN )shed 3-1/8 to 81-13/16.
Also, National Semiconductor Corp. (NSM ) dropped 2 to 14-5/8 despite reporting a narrower-than-expected second-quarter loss. The chipmaker said orders for its Cyrix processors grew at a slower rate over the summer as PC production peaked for the holiday season.
Other technology shares finished lower Thursday, dragged down by weakness in the broader market.
In the telecom sector, American depositary receipts of Swedish firm L.M. Ericsson (ERICY ) dropped 4-3/4 to 24-1/8 after the company warned annual sales and earnings results will fall below company forecasts.
In the networking sector, Cisco Systems Inc. (CSCO ) and 3Com Corp. (COMS ) received a boost from Morgan Stanley Dean Witter, which raised its target prices for both companies. Morgan Stanley raised Cisco's target price to $100 from $77, and 3Com's target to $55 from $45.
Cisco (CSCO) added 7/16 to 81-3/16; 3Com (COMS) gained 7/8 to close the day at 44-3/4.
Among the winners in Internet shares, eBay Inc. (EBAY ) climbed 6-19/32 to 186-1/8; Network Solutions Inc. (NSOL ) rose 4-5/16 to 88-3/4; and GeoCities (GCTY ) added 1-1/6 to 36-1/2.
Conversely, America Online Inc. (AOL ) shed 3 to 89-15/16; MindSpring Enterprises Inc. (MSPG ) lost 4-7/16 to 67-12; and DoubleClick Inc. (DCLK ) fell 4-5/8 to 34-3/8.
Finally, software maker Oracle Corp. (ORCL ) fell 1-11/16 to 34-15/16 in advance of the company's second-quarter earnings results. Analysts expected the company to earn 24 cents a share in the quarter. 
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