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CNNfn tech stock report
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November 13, 1998: 4:28 p.m. ET
Computer shares slump over pricing woes; Internet stocks tumble
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NEW YORK (CNNfn) - Technology shares turned in a mixed performance Friday as computer stocks took a downward turn amid renewed pricing worries.
Dell Computer Corp. (DELL) shed 5-7/16 to close at 63-3/4, according to preliminary data, despite reporting strong third-quarter earnings after Thursday's closing bell. Investors, however, expressed anxiety over pricing issues and falling margins.
Those fears dragged the rest of the sector downward with most of the major players ending the day in negative territory.
Compaq Computer Corp. (CPQ) slipped 5/16 to 33-9/16; Gateway Inc. (GTW) shed 3-5/8 to 53; IBM Corp. (IBM) fell 1-1/16 to 156-13/16; Apple Computer Inc. (AAPL), however, gained 1-5/8 to 35-5/8.
Internet shares began their descent out of the stratosphere, despite another outrageously successful initial public offering.
theglobe.com Inc. (TGLO), a start-up that helps Internet users create personalized Web sites, shot up 54-1/2, or 606 percent from its $9 opening price, to close at 63-1/2.
EarthWeb (EWBX), however, fell back a bit in its second day of trading, dropping 2-3/8 to 66-7/8.
Internet site operator go2net Inc. (GNET) shot up 9-15/16 to 39-7/16 after the company posted a modest fourth-quarter profit.
Most of the major Internet players, however, gave back some of the gains accumulated earlier in the week.
Yahoo Inc. (YHOO) fell 5 to 168-1/4; EarthLink Network Inc. (ELNK) dropped 3-3/4 to 48-3/4; Amazon.com Inc. (AMZN) slipped 3-11/16 to 127-5/16; and eBay Inc. (EBAY) lost 2-3/4 to close at 123-1/4.
Among technology bellwethers, Intel Corp. (INTC), still riding high on positive news about the growth of the semiconductor industry, rose 7/8 to 103-9/16, while Microsoft Corp. (MSFT) climbed 1-3/16 to 109-15/16. 
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