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CNNfn's tech stock report
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July 23, 1998: 6:54 p.m. ET
Most techs sank in the day's selloff, but most Internet issues posted gains
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NEW YORK (CNNfn) - Technology stocks were swept lower Thursday with the broader market. And the earnings news released after the closing bell was decidely mixed.
Computer maker Gateway (GTW) reported a second quarter profit of 38 cents a share, up from 36 cents a year ago, but 6 cents short of expectations. Ahead of that report Gateway stock fell 3 to 58-3/4. In after-hours trading it edged up to 58-13/16.
Silicon Graphics (SGI) posted an operating loss of 31 cents per share, excluding charges. That loss is six cents a share more than analysts expected. Its stock gained 1/2 to 14-1/8 ahead of that news. In after-hours trading it slipped to 14.
But there were also some pleasant surprises. Internet search engine Infoseek (SEEK) said it lost 4 cents per share in the latest quarter. That's three cents better than analysts expected. That stock slipped 5/16 to 31-3/8 during the trading day. It did not move in after-hours trading.
And Pixar Animation Studios (PIXR), the computerized animation company headed by Steve Jobs, reported a profit of 4 cents per share in the latest quarter. Analysts only expected the company to break even. Pixar shares rose 5/8 to 49-5/8 ahead of that news. The stock did not trade in after-hours.
As for the action before the bell: The Nasdaq composite gave up all of an early 11-point gain to end the day down 34.53 points at 1,935.22.
MindSpring Enterprises (MSPG) avoided the carnage, jumping 8-11/16 to 149, after the company beat earnings expectations by 6 cents a share. Everen Securities cut its rating on MindSpring Thursday to "near-term market perform."
Shares of Internet media company CNET (CNWK) soared 6-1/4 to 70-3/8, after the company reported a profit, including a one-time gain.
Computer Associates (CA) gained 1-1/8 to after yesterday's plunge. Morgan Stanley Dean Witter upgraded the battered stock from neutral to outperform.
Internet book and music retailer Amazon.com (AMZN) fell 6-3/8 to 127-5/8 despite posting a smaller-than-expected loss.
Yahoo! (YHOO) lost 4-3/8 to 189-3/8. Lycos (LCOS) lost 2-1/2 to 73-1/4.
Microsoft (MSFT) fell 3-3/4 to 113 after today's Senate hearings.
Dell Computer (DELL) lost 4-1/16 to 105-3/8 even though CS First Boston initiated coverage of Dell with a "strong buy" rating.
Bucking the trend: Intel (INTC) dodged the selloff, rising 3/16 to 82-9/16, despite some negative comments from analysts at Merrill Lynch and Piper Jaffray.
Aside from Intel, most major chip stocks ended the day solidly lower. Broadcom (BRCM), which makes chips for cable modems, dropped 3-7/16 to 65-3/4. Texas Instruments (TXN) lost 1-1/2 to 59-1/2. And Altera (ALTR) fell 1-7/8 to 36-7/16.
Internet service provider PSINet (PSIX) jumped 3-5/16 to 19-1/4 on speculation the it could be a takeover target.
Fish processor-turned-Internet player Zapata (ZAP) rallied 3-5/16 to 22-9/16 after the company announced its second-quarter earnings will far exceed analyst estimates.
And Concord Communications (CCRD) rose 5-1/8 to 33-3/4 after the company beat earnings estimates by 7 cents a share.
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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