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CNNfn tech stock report
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December 11, 1998: 4:31 p.m. ET
Internet, computer shares stage late-day rally in mixed day for tech stocks
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NEW YORK (CNNfn) - Technology stocks struggled through a mixed day of trading Friday as Internet and computer shares gained strength late in the day after being dragged down by concerns over corporate profits in the broader market.
Internet shares staged a strong late rally, with some companies managing to retain their strength though others remained caught up in the general market downturn.
Among the Internet sector's gainers, Network Solutions Inc. (NSOL ) added 7-1/2 to close at 96-1/4. The Internet address registrar has been riding high since Hambrecht & Quist raised its 12- to 18-month price target on Wednesday.
Inktomi Corp. (INKT ) shares rose 8 to 124-1/2; DoubleClick Inc. (DCLK ) climbed 2-9/16 to 36-15/16; and Infoseek Corp. (SEEK ) finished 3-3/4 higher at 43-3/4.
On the flip side, EarthLink Network Inc. (ELNK ) fell 1-11/16 to 57-1/2; rival Internet service provider MindSpring Enterprises Inc. (MSPG ) tumbled 3-7/16 to 64-1/16; and RealNetworks Inc. (RNWK ) shed 3-13/16 to 33-3/4.
Computer shares finished mostly higher, with Apple Computer Inc. (AAPL ) gaining 1-13/16 to 33-13/16 after the San Francisco Chronicle reported the company is developing a laptop version of its popular iMac computer.
Elsewhere in the sector, Compaq Computer Corp. (CPQ ) gained 1-11/16 to 41-3/4; Hewlett-Packard Co. (HWP ) added 1-3/8 to 65-3/16; and Sun Microsystems Inc. (SUNW ) jumped 4-5/16 to 77-5/16.
Telecom shares finished mostly lower, as Ciena Corp. (CIEN ) shed 1-13/16 to 15-9/16 after reporting a fourth-quarter loss in line with Wall Street estimates.
Swedish firm L.M. Ericsson (ERICY ) tumbled for the second straight day after issuing an earnings warning, falling 1-3/8 to 22-3/4.
That news sent mobile telecom rival Motorola Inc. (MOT ) shares down 7/16 to 57.
Telxon Corp. (TLXN ) shares plunged 12-3/8, or 45 percent, to 14-7/8 after the telecommunications equipment maker revised its second-quarter profits to become a loss when officially reported.
Finally, in the software sector, Oracle Corp. (ORCL ) climbed 2-5/16 to 37-1/4 after the database software giant reported fiscal second-quarter earnings 4 cents ahead of Wall Street estimates. 
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