How Warnings Directed The Show
Stocks fell Friday as a spate of tech
warnings took their toll on the Nasdaq stocks and semis in particular. Volume was light.
The Dow lost 1.0%, the Nasdaq 2.2%.
The New York Stock Exchange was down
for about an hour in the morning, as trading was interrupted by a software
glitch.
Juniper Networks
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PowerRating), a maker
of networking equipment, shed 18.5% after lowering its quarterly revenue
estimates before the open. Computer network gear maker 3Com
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PowerRating) lost
3.5% after saying it expects quarterly sales to miss of prior guidance by about
$100 million. The company said it plans to discontinue its line of consumer
cable and DSL modems.
 Among the sectors, the AMEX
Internet Index
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$IIX.X |
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PowerRating) fell 4.4%, the Goldman Sachs Internet Index
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$GIN.X |
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PowerRating)
3.3%, the Philadelphia Semiconductor Index
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$SOX.X |
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PowerRating) 3.1%.
On the upside, the Philadelphia Gold
and Silver Index
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$XAU.X |
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PowerRating) surged 4.0%. Shares in Anglogold
(
AU |
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PowerRating) moved
ahead 6.8%. The Philadelphia Oil Services Sector Index gained 0.8%. Parker
Drilling
(
PKD |
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PowerRating) gained 4.6%.
Among other stocks, Handleman
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HDL |
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PowerRating)
jumped 6.5%, Beverly Enterprises
(
BEV |
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PowerRating) 7.7%. Midway Games
(
MWY |
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PowerRating) advanced
4.8%, following through on prior-session gains. Monaco Coach
(
MNC |
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PowerRating) advanced
4.6% into new high ground.
On the downside, Callaway Golf
(
ELY |
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PowerRating)
tumbled 18.6% The Carlsbad-based company said revenues for the second quarter
were suffering because of bad weather, a slowing world economy and negative
stance by United States Golf Association about one of its drivers.
AT&T
(
T |
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PowerRating) rose 2.2%, the only Dow
gain of more than 1%. Among the Dow losers, J.P. Morgan
(
JPM |
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PowerRating) lost 3.1%,
Honeywell International
(
HON |
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PowerRating) 4.6%, Hewlett Packard
(
HWP |
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PowerRating) 2.4%.