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Techs post strong gains
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November 26, 1999: 2:01 p.m. ET
Internet retailers lead the charge ahead of holiday shopping season
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NEW YORK (CNNfn) - Technology stocks charged ahead during Friday's abbreviated trading session, with the Internet and software segments posting the strongest gains.
The Nasdaq composite index gained 27.30 in light post-Thanksgiving trading, closing at 3,447.8; its 16th record close in the past 20 sessions and its 44th this year.
Friday's official kickoff of the holiday shopping season gave a lift to online retailers. Analysts expect consumers to spend anywhere from $6 billion to $15 billion online during the holiday season, up from $3 billion to $4 billion last year.
Shares of Internet-retailing pioneer Amazon.com (AMZN) rose more than 6 percent, adding 5-7/8 to close at 93-1/8. Online toy seller eToys (ETYS) surged 3.5 percent, closing 2-1/4 higher at 66-5/8.
Meanwhile, shares of online bookseller Barnesandnoble.com (BNBN) added 1/2, closing 2.5 percent higher at 20-5/16.
On the downside, shares of Yahoo! (YHOO) lost 4-1/8 to close at 226-7/8, while America Online (AOL) slid nearly 2 percent, closing 1-5/8 lower at 82-7/8.
Elsewhere, shares of personal-finance-software maker Intuit (INTU) posted another record close, ending the day 8-1/2 higher at 58-7/8 a nearly 17 percent gain on the day. The company's stock has been gaining momentum since Tuesday, when executives reported a much narrower-than-expected fiscal first-quarter loss on revenue that increased 46 percent.
E-commerce-software developer Broadvision (BVSN) closed 3-1/2 higher at 111. Shares of Citrix Systems (CTXS), which makes server software, closed 3-3/16 higher at 93-3/8, a 3.5 percent rise on the day.
Microsoft (MSFT) slipped 9-1/6, closing at 91-1/8. With Friday's loss, shares of Microsoft were trading just below the level they had been prior to Nov. 5, when the federal judge presiding over the company's antitrust trial deemed the software giant a monopoly.
Also on the downside in software, shares of Symantec (SYMC) fell 1/4 to 46-3/4; Siebel Systems (SEBL) fell 11/16 to 71-1/4, and; shares of Adobe Systems (ADBE) were off 1-1/4 at 73-13/16.
Computer and peripheral makers posted mixed results Friday. Shares of Hewlett-Packard (HWP) closed down 2 at 95-3/8. Compaq (CPQ) shares were off 1/4 at 24-5/8. Dell (DELL) dipped 3/8 to 42-15/16. And shares of Apple (AAPL) gained 3/8 to 95-1/16.
Chip makers also were mixed. Among the losers there were: Intel (INTC), down 1-15/16 at 80-1/4; Linear Technology (LLTC), off 1-5/8 at 74-1/8; PMC-Sierra (PMCS), which slipped 1-15/16 to 102-1/4; and Maxim (MXIM), down 1-3/8 at 84-3/8.
Friday's semiconductor winners included Micron Technology (MU), which added 2-7/16 to 70-3/8; Motorola (MOT), up 2-5/8 at 119-9/16; Analog Devices (ADI), which gained 1-7/16 to close at 58-5/16; and Intel rival Advanced Micro Devices (AMD), which closed up 7/16 at 27-11/16.
Shares of IBM (IBM), which slid Wednesday on questions about the company's financial reporting practices, ended the day unchanged at 104-1/2.
Meanwhile, long-distance giant AT&T (T) continued to soar as investors became increasingly convinced that the company would create a tracking stock to mirror the performance of its wireless business.
Shares of AT&T added nearly 8 percent Friday, closing 4-1/4 higher at 57-7/16.
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