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CNNfn tech stock report
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November 19, 1998: 4:45 p.m. ET
Chip shares soar as analyst raises Intel EPS; 'Net stocks suffer late fall
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NEW YORK (CNNfn) - Technology shares posted strong gains in Thursday trading as the chip sector soared on a positive industry outlook.
Bellwether Intel Corp. (INTC) rose 3 to a new 52-week high of 112-7/8 after ABN Amro raised its first-quarter 1999 earnings per share estimate to $1.15 to $1.08. Intel also announced it has jointly developed a set-top box for high-speed data transmission with Neon Technology Inc., a provider of Internet appliances.
Semiconductor maker Texas Instruments Inc. (TXN) jumped 5-1/8 to 77-3/8 after BancBoston Robertson Stephens raised its rating to "strong buy" from "buy."
Other chip-related companies rode the wave of good news, including Novellus Systems Inc. (NVLS), which rose 2-3/16 to 48-3/4, and Applied Materials Inc. (AMAT), which climbed 1-1/16 to 38.
Internet shares continued their high-flying ways through most of the day before stumbling in the last 45 minutes of trading.
RealNetworks Inc. (RNWK) dropped 4-3/4 to 38-1/8 after Microsoft Corp. said it will sell its 10-percent stake in the multimedia software company. Microsoft (MSFT) shares rose 2 to 111-3/4.
Infoseek Corp. (SEEK) slipped 4-3/4 to 32-1/4 after Netscape Communications Corp. said it may terminate its pact with the search engine. Netscape (NSCP) shares fell 2-11/16 to 36-9/16.
Stocks that took a dive in late day trade include: Amazon.com Inc. (AMZN), which tumbled 10-3/4 to 153-1/4; Yahoo Inc. (YHOO), which slipped 4-1/4 to 185-7/8; and MindSpring Enterprises Inc. (MSPG), which fell 6-1/8 to 52-5/8.
Other stocks, however, fared better. @Home Corp. (ATHM) rose 3-11/16 to 52-1/8 and EarthWeb Inc. (EWBX) soared 7-7/8 to 47.
Lycos Inc. (LCOS) dropped 2-3/8 to 62 as investors anticipated the company's fiscal first-quarter results. After the closing bell, Lycos reported a loss of 6 cents a share, edging out First Call estimates of a loss of 7 cents a share.
In the telecom sector, MCI WorldCom Inc. (WCOM) jumped 3-9/16 to 58-7/8 after the long-distance company announced it would launch a nationwide, high-speed Internet access service early next year. 
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