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Chips help techs inch higher
New Wi-Fi chip from Intel and a positive day for most bellwethers offset big loss at ARM.
August 23, 2004: 5:36 PM EDT

NEW YORK (CNN/Money) - News on a new chip from Intel helped balance out an acquisition by ARM that sent its stock reeling, leaving most technology indexes slightly higher Monday.

The Nasdaq gained, edging up less than a point to close at 1,838.70, while the Philadelphia Semiconductor index rose 4.09, or 1.06 percent, to close at 390.09.

Intel Corp. this week is expected to introduce a chip that adds support for a relatively obscure version of Wi-Fi, analysts said Monday, in a move that could help ease congestion on wireless networks.

In a news briefing scheduled for Thursday, Intel is expected to announce the availability of a "tri-mode" Wi-Fi chip that supports the two most popular wireless data technology varieties -- 802.11b and its speedier cousin, 802.11g -- and the less-used 802.11a. Intel's current chips support only the "b" and "g" varieties.

Intel's (INTC: Research, Estimates) stock rose more than 1.2 percent to close at $21.89.

One of the day's big losers was ARM Holdings PLC (ARMHY: Research, Estimates), which agreed to buy U.S. chip components firm Artisan Components Inc. (ARTI: Research, Estimates) for what analysts believe is an inflated price.

ARM's takeover represents a premium of around 42 percent to Artisan's closing share price Friday of $23.88.

ARM shares lost almost 20 percent to end the day at $4.46, while Artisan, predictably, gained more than 15 percent to close at $27.60.

International Business Machines Corp. widened its lead last year in the U.S. market for Internet-hosting services, winning a greater share of the medium-size business market, according to data recently published by market research firm IDC. IBM's Web-hosting business has grown at a compound rate of about 20 percent over the past three years, and it appears to be accelerating. In the most recent quarter, the business grew by 30 percent from a year earlier.

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Artisan Components Incorporated
ARM Holdings Plc
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Nonetheless, shares in IBM (IBM: Research, Estimates) lost about 0.7 percent to close at $84.65.

Among other tech bellwethers, Microsoft (MSFT: up $0.12 to $27.24, Research, Estimates), Cisco (CSCO: up $0.30 to $19.18, Research, Estimates), Yahoo (YHOO: up $0.02 to $28.63, Research, Estimates), Google (GOOG: up $1.10 to $109.40, Research, Estimates) and eBay (EBAY: up $0.98 to $82.35, Research, Estimates) all rose.

Sun Microsystems (SUNW: down $0.03 to $3.67, Research, Estimates) and Dell (DELL: up $0.08 to $34.94, Research, Estimates) lost. Oracle (ORACLE: Research, Estimates) remained flat.

And RCN Corp., which filed for Chapter 11 bankruptcy in May, said Monday it and some subsidiaries have filed a plan of reorganization to reduce debt by $1.2 billion.  Top of page




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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.