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CNNfn's tech stock report
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July 17, 1998: 6:30 p.m. ET
Upbeat earnings reports fuel another record-breaking rally for the Nasdaq
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NEW YORK (CNNfn) - The Nasdaq Composite set its eighth straight record on Friday, rising 8.20 points to end at 2,008.76. For the week the index gained 3.38 percent.
An initial public offering hogged the spotlight. Broadcast.com (BCST) soared 44-3/4 to 62-3/4 on its first day of trading. Yes, it's an Internet stock. The company streams audio and video over the World Wide Web.
Sun Microsystems (SUNW) rose 2-1/16 to 52, after its earnings came in above expectations.
Cisco Systems (CSCO) jumped 4 to 99-3/4. CS First Boston initiated coverage of the stock with a "strong buy" rating. That's a new 52-week high.
IBM (IBM) gained 1-13/16 to 120-3/16 ahead of its earnings report, which is due out after the close of trading on Monday.
Dell Computer (DELL) rallied 3-13/16 to 117-9/16.
EMC (EMC) rose 4-3/16 to 52-7/26. The computer data storage company's earnings beat estimates by 3 cents per share, and it issued a sunny sales forecast.
Integrated circuit maker QLogic (QLGC) soared 13 to 50-1/2. The company's earnings beat expectations by 9 cents a share.
Semiconductor stocks were under a cloud Friday, after logic chip maker Xilinx (XLNX) reported earnings that were slightly below expectations. The stock dropped 4-5/16 to 37-1/16, after Prudential cuts rating on the stock from "buy" to "hold," and Merrill Lynch lowered its near-term rating from "accumulate" to "neutral."
PMC-Sierra (PMCS) matched expectations, but the communications chip maker's stock tumbled 7 to 39-7/8. Several Wall Street analysts had expected a positive surprise.
That one-two punch knocked other chip stocks for a loop. Intel (INTC) lost 1-1/8 to 83-1/8. Texas Instruments (TXN) fell 1-3/4 to 61-3/16. And chip technology company Rambus (RMBS), dropped 3 to 61-1/4.
Cellular phone equipment maker Anadigics (ANAD) rose 2-1/4 to 20 a day after it beat earnings expectations.
Aspect Telecommunications (ASPT) topped estimates Thursday, and the telecom equipment maker's stock jumped 2-13/16 to 34-3/16 Friday.
Internet advertising specialist DoubleClick (DCLK) continued to slide, losing 2-1/8 to 46-3/4. The stock fell 4-1/4 on Thursday after reporting its losses widened during the latest quarter.
Search engine stocks were weak, after Lehman Brothers cut its rating on Excite (XCIT) from "outperform" to "neutral." It fell 3-1/4 to 88-3/8. Infoseek (SEEK) lost 1-1/8 to 32-1/16. Yahoo! (YHOO) and Lycos (LCOS) slipped less than a dollar apiece.
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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