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Techs post modest gains
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September 30, 1999: 6:52 p.m. ET
Software shares move higher, but Intel leads semiconductor issues lower
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NEW YORK (CNNfn) - Technology stocks finished mostly higher Thursday as investors took to bargain hunting for beaten-down shares, but semiconductor issues took a drubbing.
The technology-heavy Nasdaq composite index rose 15.89 to close at 2,746.16, according to preliminary results.
While the broader market swings wildly amid continued fears over a possible interest-rate hike, analysts said technology shares should remain impervious to such external factors.
"Everyone is looking to dish the technology stocks on higher interest rates, but they continue to show they are not interest-rate sensitive, or at least as much as people would like," said Sam Stovall, senior investment adviser at Standard & Poor's.
Among Internet shares, CMGI (CMGI) rose 2-3/16 to 102-1/2 after the firm acquired online advertising company Flycast Communications (FCST) in a $690 million stock swap. Flycast shares soared 7-1/2, or 20 percent, to 45-1/2.
Software shares posted strong gains, led by Microsoft Corp. (MSFT), which added 1-1/16 to 90-9/16. The company reportedly plans to allow customers to rent its Office 2000 software over the Internet.
Chip shares, however, plummeted, with Intel Corp. (INTC) leading the downward roll. The No. 1 chipmaker fell 7/8 to 74-5/16 after the firm said it had discovered a bug in two versions of its Pentium III processors, which could delay the shipment of servers based on the chip.
Other chip stocks under pressure included Sandisk (SNDK), which lost 5-11/16 to 65-3/16; Triquint Semiconductor (TQNT), which dropped 4-11/16 to 57-3/16; and Analog Devices (ADI), which fell 3-7/8 to 51-1/4.
IPOs diverge
One of the market's newest technology companies, Golden Telecom Inc. (GLDN), didn't fare so well either.
The integrated telecommunications provider tumbled from its $12 IPO price to close down 3-7/16, or 29 percent, at 8-9/16 -- the second-worst debut performance so far this year, according to Securities Data Co.
Investors threw out the welcome mat for the day's other IPOs, however. Custom television programmer TiVO Inc. (TIVO) finished as the Nasdaq's largest percentage gainer Thursday, climbing as high as 181 percent above its $16 initial offering price before closing at 29-15/16, up 87 percent.
The day's other TV-related IPO, station owner Acme Communications Inc. (ACME), fared nearly as well, rising 8 to finish at 31.
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