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Tech stocks surge ahead
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January 18, 2000: 6:09 p.m. ET
Microsoft sets the pace as sector propels Nasdaq drive to near-record highs
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NEW YORK (CNNfn) - Tech stocks charged into the official first week of earnings season on a positive note, sending the tech-driven Nasdaq composite index back near record territory.
Microsoft (MSFT), whose fourth quarter earnings well exceeded expectations, was among the most actively traded stocks on the Nasdaq Tuesday, finishing up 3-1/16 to 115-5/16 in regular Nasdaq activity Tuesday. In extended hours trade, Microsoft added 7/8 to 116-3/16.
Shares of semiconductor giant Intel (INTC) also were among the Nasdaq's most active on Tuesday, but finished the day down 15/16 to 102 1/8. The chip giant last week released its fourth-quarter earnings, which were well ahead of Wall Street's expectations.
Shares of Motorola (MOT) slipped 6 3/4 to 144 1/4 on Tuesday, despite a better-than-expected fourth-quarter-earnings report on Monday.
But market observers attributed that decline mostly to profit taking. The stock has more than doubled in the past year, and some analysts chalked up Tuesday's losses to investors selling on the good news.
E-TEK (ETEK) Dynamics, which makes components used in fiber-optic networks, got a lift from news that rival JDS Uniphase (JDSU) would buy the company for roughly 15 billion in stock.
Shares of E-TEK surged 43 percent, ending the session 42 1/2 higher at 178 3/8. Meanwhile, JDS Uniphase edged up 9 5/6 to 201 1/2k, a 5 percent rise on the day.
Yahoo! dipped 11 13/16 to 341 ¾ on the day.
Shares of Network Solutions (NSOL) shot up nearly 10 percent on Tuesday following a Supreme Court decision. The court's rejection of an appeal by nine companies that claimed Network Solutions' imposition of registration fees was unconstitutional helped boost the company's stock up 42 9/16 to 280 5/16 by the closing bell.
Seattle-based Real Networks, which produces Internet streaming software, was up 12 5/16 to 158/3/16.
Shares of Spyglass, an Illinois-based web technology developer, were up 7 ¼ to 52 ½.
E-Bay, the popular online auction site, was up 5 11/16 to 139 ½.
Wireless companies also had a strong day closing at 1661.97, up 46.53. Leading the sector was Powerwave, an Irvine, Calif.-based producer of amplifiers; Powerwave's shares were up 15 9/32 to 83 ¾. Nextel was up 9 5/16 to 115 ¼, and Omnipoint rose 8 13/16 to close at 106 13/16.
Nokia shares dipped 5 9/16 to 178 7/16.
Shares of Nortel Networks (NT), the networking technology company was up 4 5/16 to 97. 7/8. The rise comes just weeks after acquiring Promatory Communications Inc. 
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