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CNNfn tech stock report
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January 4, 1999: 4:14 p.m. ET
Amazon soars on SportsLine USA deal; new chips power Intel shares
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NEW YORK (CNNfn) - Technology shares posted strong gains Monday with investors using corporate announcements and analyst upgrades as fodder for gobbling up high-tech issues to kick off the new year.
In the Internet world, Amazon.com Inc. (AMZN) soared 33-11/16 to close at 354-15/16 after the company announced a deal to offer its sports-related catalog of books, music and video to SportsLine USA Inc. (SPLN) customers via a co-branded Web site. SportsLine USA shares rose 2 to 17-9/16.
E*Trade Group Inc. (EGRP) finished 8-21/32 higher at 55-7/16 after the online brokerage announced it will split its stock 2-for-1.
Elsewhere in the sector, Yahoo! Inc. (YHOO) soared 11-1/16 to 248; Network Solutions Inc. (NSOL) jumped 24-1/8 to 155; and Inktomi Corp. (INKT) rose 10-3/4 to 140-1/8.
On the downside, Spyglass Inc. (SPYG) plunged 7 to 15 after the Internet software firm said it will report a first-quarter loss of 14- to 16-cents-a-share. Analysts expected the company to post a profit of a penny a share.
Technology bellwether Intel Corp. (INTC) led the chip sector, gaining 2-1/4 to 120-13/16 after announcing the availability of two new low-cost chips.
Intel's announcement was bad news for rivals Advanced Micro Devices Inc. (AMD), which lost 1 to 28, and National Semiconductor Corp. (NSM), which slipped 1/16 to 13-7/16.
Motorola Inc. (MOT), however, added 3-15/16 to 65, and while Novellus Systems Inc. (NVLS) finished 2-1/2 higher at 52.
In the networking sector, Ascend Communications Inc. (ASND) gained 1-11/16 to 67-7/16 after Merrill Lynch upgraded its near- and long-term ratings for the company.
Elsewhere, Lucent Technologies Inc. (LU) rose 4-1/4 to 114-3/16, and 3Com Corp. (COMS) added 3-1/16 to 47-7/8. 
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