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Techs fall on pickup in hiring
Nasdaq down 1% on fears that interest rates will rise sooner than expected on new economic data.
May 6, 2004: 5:00 PM EDT

NEW YORK (CNN/Money) - Technology stocks fell as investors sold off shares on a drop in jobless claims and a rise in productivity that raised expectations for Friday's payroll report to show another pickup in hiring.

The Nasdaq fell 19.32 points, or 1 percent, to 1,937.94. The Amex Technology Index lost 0.4 percent and the Philadelphia Semiconductor Index edged higher a few hundredths of a percent.

Recent economic data signaled that an interest rate hike may come to Wall Street earlier than it would like, affecting corporate profits and the economic recovery.

Nearly every tech blue chip fell, with Microsoft (MSFT: down $0.10 to $26.12, Research, Estimates) leading the Nasdaq lower. The world's No. 1 software maker fell 0.7 percent.

Network computing giant Sun Microsystems (SUNW: down $0.10 to $3.78, Research, Estimates) plunged 3.3 percent and IBM (IBM: down $0.42 to $88.36, Research, Estimates), the world's largest computer manufacturer, lost 0.5 percent.

Leading semiconductor company Intel (INTC: down $0.20 to $25.98, Research, Estimates) dropped 0.8 percent while cell phone manufacturer and chipmaker Motorola (MOT: down $0.35 to $18.80, Research, Estimates) fell 1.8 percent.

Network systems maker Lucent Technologies (LU: down $0.01 to $3.38, Research, Estimates) edged lower 0.3 percent

Software manufacturer Oracle and network equipment maker Nortel Networks and Cisco Systems bucked the downward trend. Oracle (ORCL: up $0.10 to $11.49, Research, Estimates) gained 1.2 percent on the day and Nortel (NT: up $0.04 to $3.95, Research, Estimates) rose 1 percent.

Computer networking manufacturer Cisco Systems (CSCO: up $0.20 to $21.50, Research, Estimates) gained 1.1 percent after analysts at Thomas Weisel predicted that the company should report results at the high end of expectations and is expected to raise targets. Cisco reports quarterly earnings next Tuesday.

Video game publisher THQ Inc. (THQI: up $2.10 to $20.55, Research, Estimates) also fared well after posting a fourth-quarter profit Tuesday, compared with a year-earlier loss, on strong sales of its new title "MX Unleashed." THQ shares soared Wednesday 11.8 percent.

Audio-video equipment manufacturer Gemstar-TV Guide International (GMST: down $0.90 to $4.76, Research, Estimates) plunged 16.6 percent on news that its 2004 earnings would miss estimates because of high legal costs and other expenses, even though the company posted a narrower first-quarter loss.

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Satellite TV provider EchoStar Communications Corp. (DISH: down $2.00 to $32.25, Research, Estimates) posted a first-quarter loss on early redemption of debt, but added more subscribers to its Dish Network service. Shares dropped 6 percent.

Rival DirecTV Group Inc. (DTV: down $0.44 to $17.52, Research, Estimates) fell 2.5 percent. The Rupert Murdoch-owned company also announced a wider first-quarter loss and increased subscriber numbers when it reported quarterly earnings Tuesday.

Software maker Computer Associates (CA: down $0.92 to $26.86, Research, Estimates) announced it would delay announcing quarterly earnings results by two weeks and defer $9 million in revenue in previously filed reports.

The company, which is facing a long-running federal investigation into its accounting practices, saw shares fall 3.3 percent.

Pixar Animation Studios Inc. (PIXR: down $0.10 to $66.06, Research, Estimates) reported quarterly profit more than tripled thanks to the overseas popularity of their hit animated film, "Finding Nemo." Shares fell 0.3 percent and continued to edge lower in after hours trade.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.