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Investor glee spurs techs
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March 29, 1999: 4:56 p.m. ET
New-and-improved Microsoft leads big techs, as Internet stocks take flight again
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NEW YORK (CNNfn) - Exuberance returned to technology stocks Monday, as investors appeared to put aside any earnings concerns and flocked back to companies in the sector.
Leading the Nasdaq Composite higher was Microsoft (MSFT), rising 3-5/16 to 92-3/8 as the software giant unveiled an expected four-part realignment.
The initiative comes a day before Microsoft is expected to launch talks toward a settlement in the antitrust trial brought by the U.S. government and 19 states.
Joining Microsoft in solidly upbeat territory were other high-tech bellwethers: Intel (INTC) rallied 4-7/8 to 121-9/16, IBM (IBM) rose 5-1/2 to 177-7/8, Dell Computer (DELL) surged 1-9/16 to 39-7/16.
Compaq Computer (CPQ), which said it introduced four new Deskpro systems, two of which priced below $1,000 -- without monitors -- added 5/16 to 31-1/2.
The Nasdaq soared 73.67 points to 2,492.84, or more than 3 percent
As for deals, looking as good as a precious metal to investors were shares of e-commerce software firm Platinum Technology International (PLAT), roaring up 14-3/16 to 24-1/16, or more than 143 percent, after the nation's No. 3 software giant Computer Associates International (CA) said Monday it would acquire Platinum for $3.5 billion.
Computer Associates rose 3-9/16 to 37-1/2.
Telecom players power a rally
In the telecom sector, Banyan Systems (BNYN) rocketed 1-5/8 to 13-1/4 after Internet-based long-distance phone service provider Qwest Communications International (QWST) said business customers of the Internet software maker will be able to make toll-free, Internet-based phone calls using Qwest technology.
Shares of Qwest added 3-7/16 to 74-13/16.
Elsewhere, Lucent Technology (LU) added 7-7/8 to 109-15/16 after former parent AT&T (T) said it would buy $1 billion in telecom equipment for an expansion of its wireless telephone service network.
Dow member AT&T fell 1 to 81-11/16.
And in a deal with Ma Bell and Qwest, Covad Communications (COVD) gained 6-7/8 to 71-14 after unveiling a nationwide high-speed access service for Internet connection between corporations, in a partnership with those two companies.
And speaking of Internet...
Yet again, investors were smitten by the high-flying Internet sector, as major stocks there hit new altitudes.
One leader of the climb was bellwether 'Net player Amazon.com (AMZN), rocketing 10-9/16 to 149-5/8, after the online books and music vendor said it will continues to expand its terrain - this time into a hot online auction segment.
Amazon's launch of online auctioning services will pit it against other segment purveyors, such as eBay (EBAY), OnSale (ONSL) and uBid (UBID) -- each taking a hit on Wall Street Monday on the prospect of that stiffer competition.
Shares of eBay lost 6-23/32 to 147-25/32, Onsale slipped 1-5/16 to 34-1/16, and uBid dropped 5-1/2 to 69.
Blazing its trail on Wall Street was Critical Path (CPTH), exploding up to 65-7/8, up 174 percent, after the provider of e-mail management services launched its initial public offering, pricing at $24 a share.
The company floated 4.5 million shares to raise $108 million; the lead underwriter was BancBoston Robertson Stephens.
Concentric Network (CNCX) shot up 13-5/16 to 80-5/16, after the Internet Service Provider for small businesses announced a two-for-one stock split for shareholders of record on April 30.
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