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CNNfn tech stock report
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December 15, 1998: 4:23 p.m. ET
Bargain hunters lift tech shares higher as Internet, chip stocks surge
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NEW YORK (CNNfn) - Technology stocks rallied in Tuesday trading as investors returned to bargain hunt for stocks that had suffered through recent market losses.
Internet shares soared, lead by Network Solutions Inc. (NSOL), which surged 8-9/16 to 115-9/16 after the company signed a deal with Yahoo! Inc. (YHOO) to expand promotions for Internet address registration services globally through Yahoo! Internet sites. Yahoo shares rose 6-3/4 to 198.
America Online Inc. (AOL) rose 3-1/8 to 92-3/8 after the online service announced its plans to bring its service to Latin America.
Infoseek Corp. (SEEK) climbed 6-5/16 to 47-1/2 after Merrill Lynch upgraded its short-term rating on the Web portal to "accumulate" from "neutral."
Investors also returned to the chip sector, which had been one of the hardest-hit victims of the recent technology sell-off.
Intel Corp. (INTC) rose 4-3/16 to 115-3/4; Novellus Systems Inc. (NVLS) climbed 4-3/4 to 52-3/8; Maxim Integrated Products Inc. (MXIM) added 2-5/16 to 40-3/16; and Xilinx Inc. (XLNX) finished 3-1/8 higher at 58.
In the software sector, Microsoft Corp. (MSFT) rose 3-15/16 to 131-7/8; Adobe Systems Inc. (ADBE) rose 3-1/4 to 40-5/8, while Citrix Systems Inc. (CTXS) was up 1-7/8 to 80-7/16.
Corporate announcements helped lift other technology shares. Sun Microsystems Inc. (SUNW) climbed 3-7/8 to 80-1/8 a day after announcing its technology-sharing deal with database-software giant Oracle Corp. (ORCL). Oracle shares rose 2-7/16 to 39-9/16.
Cisco Systems Inc. (CSCO) rose 3-3/8 to 83-3/4 after announcing a two-year deal to provide MCI WorldCom Inc. (WCOM) with networking equipment for Web-based services. MCI WorldCom shares climbed 1-3/16 to 63-3/8. 
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