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CNNfn's tech stock report
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July 13, 1998: 5:58 p.m. ET
Optimism about upcoming earnings sends Intel higher, igniting broader rally
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NEW YORK (CNNfn) - The Nasdaq Composite stretched its record-setting streak to four, powered by strong gains from some of the biggest names in the technology sector.
The Dow Jones industrial average spent more of the day knee-deep in the red. But by the close, it was down only 9.53 points at 9,096.21.
As for the Nasdaq Composite, it jumped 22.49 points to 1,965.53.
Intel (INTC) rallied 2-5/8 to 82-3/8. The chip giant will release earnings after the close of trading Tuesday and Piper Jaffray's chip analyst said he expects Intel will post a positive surprise.
Microsoft (MSFT) jumped 4-3/8 to 117-9/16. It unveiled the Microsoft Home Advisor web site on Monday, which is a free online real estate service.
Along that same theme, America Online (AOL) announced it's teaming up with Intuit (INTU) to launch a new mortgage area in AOL's real estate section. AOL shares leapt 6-3/8 to 118-7/8. Intuit added 2-1/4 to end the day at 64.
Some of the recently battered Internet stocks showed some strength.
E*Trade Group, the online brokerage house, jumped 10 to 34-1/2. LateFriday Japan's Softbank invested $400 million in E-Trade. BA Robertson Stephens upgraded the stock Monday to "strong buy" from "buy."
Egghead.com (EGGS) rose 4-11/16 to 26-1/8. That rally was powered by hopes the software retailer's move to the Internet will give its sales figures a shot in the arm.
Amazon.com (AMZN) sprinted higher late in the session, closing up 8-1/8 at 107-5/8. The Internet retailer's stock spent most of the session in negative territory because of fears about Amazon's second-quarter results.
Yahoo! (YHOO) rallied 7-1/8 to 188-3/8, and Lycos (LCOS) rose 3-1/2 to 71-1/8 after some rough going in recent sessions.
And the big Internet service providers also turned in solid gains, with MindSpring Enterprises (MSPG) rallying 8-11/16 to 100-3/8, and Earthlink
Leap Group (LEAP) lived up to its name, rising 2-13/16 to 6-1/32 after the Internet advertising agency announced it has formed a marketing alliance with the Internet commerce software maker BroadVision (BVSN).
Among some of the smaller stocks, Andrea Electronics (AND), which makes headsets and microphones for PC's rose 1-7/16 to 13-3/8 after inking a deal with IBM. Andrea's equipment will be sold with some Aptiva PC's beginning in the third quarter.
Digi International (DGII) lost 3-9/16 to 21-1/2 after announcing its current quarter will beat expectations, but the communications software maker warned the next one will disappoint.
And PRI Automation (PRIA), which makes factory automation systems used by computer chip makers, said it's cutting 15-percent of its workforce and it will take a charge of $5 million to $7 million. The company also warned it expects results for the current quarter to fall below expectations.
For the latest information on technology, tune into CNNfn's "Digital Jam" weeknights at 7:30 p.m. ET or click here to watch the program via vxtreme.
--by staff writer Brendan Hasenstab
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