Investors were lukewarm on technology stocks this morning, but they were giving some lift to blue-chips in what is a mixed day on Wall Street.
Nasdaq was sagging as investors await word from
, which reports fourth-quarter earnings tomorrow. The stock was a popular whipping post, with the networking giant lately off 4.4%. It was the most actively traded stock on the Nasdaq.
were following Cisco's lead. Cabletron was lately losing 4.5%, Nortel was losing 2% and Avaya was losing 2.9%. The
Amex Networking Index
was lately down 1.9%.
The semiconductor sector was getting slammed by a
negative report about inventories in the sector that just came out from the
Semiconductor Industry Association
. Analysts have commented that inventory levels have worsened in recent months and could likely take to the end of the second quarter to burn off. Semiconductor titan
was off 3.9%, and the
Philadelphia Stock Exchange Semiconductor Index
was falling 4.4%.
The majority of the major tech bellwethers were also lower.
was down 2.6%, and PC makers
Dow, meanwhile, was higher. Leading the index higher were consumer products giant
. Exxon and other oil stocks were getting a major boost from rises in crude oil prices. Oil prices on Friday had their biggest gains in two weeks, and they were rising again this morning.
American Stock Exchange Oil & Gas Index
was up almost 1%.
One of the latest energy companies to report strong fourth-quarter earnings because of high oil prices,
was up 2.6%. The company reported fourth-quarter earnings per share of 57 cents this morning, well above the 22-cent estimate expected by the analysts polled by
First Call/ Thomson Financial
wasn't participating in that party. The stock was down 10.7% after announcing yesterday that it had agreed to buy
for $7 billion in stock. Tosco was trading 13.2% higher.
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Retail stocks were soft this morning, despite upgrades on retailers
S&P Retail Index
was falling 1.2%, AnnTaylor was down 2% and Dillard's was lately jumping 17.3%.
AnnTaylor was upgraded to outperform from neutral at
Morgan Stanley Dean Witter
reduced its fourth-quarter earnings estimates on the company to 33 cents a share from 38 cents a share. Dillard's was raised to buy from neutral at
Salomon Smith Barney
Prudential also lowered its fiscal 2001 earnings estimates for
Abercrombie & Fitch
to $2.80 per share from $2.85. Abercrombie & Fitch was down 3%.
Cable companies were better following an upgrade from
was up 3.5% and
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