Technology stocks were getting crushed, while
weighed on the blue-chip
Dow Jones Industrial Average
Weakness in the tech sector was blamed in part on
, which was down 8 3/8, or 23%, to 28 1/2. More on Oracle below.
Nasdaq Composite Index
was down 48 to 2365.
The Dow was down 28 to 9870. Caterpillar was down 5 1/8, or 10%, to 45 3/4, after issuing an earnings warning. IBM was down 4 3/16 to 178 11/16.
was down 8 to 1290. The small-cap
was down 3 to 398.
TheStreet.com Internet Sector
index was down 23 to 561.
TheStreet.com E-Commerce Index
was down 4 to 104.
The 30-year Treasury bond was up 10/32, to 95 23/32, yielding 5.55%.
Oil service stocks gained -- but were off their highs -- on news that key oil producing countries agreed to cut output by 2 million barrels a day. The
Philadelphia Stock Exchange Oil Service Index
was up 2%.
One of the prominent losers in the market today has been
, which was down 14 7/16, or 39%, to 22 9/16 after the company issued an earnings warning.
New York Stock Exchange
, decliners were beating advancers 1,459 to 1,223 on 366 million shares. On the
Nasdaq Stock Market
, losers were beating winners 2,075 to 1,303 on 442 million shares.
On the NYSE, 52 issues had set 52-week lows while 47 had touched new highs. On the Nasdaq, 48 issues had set new lows while new highs totaled 35.
On the Big Board,
was most active, with 12.2 million shares changing hands. It was up 5/8 to 30 7/8.
The major tech gauges were lower. The
was down 2.1%, while the
Morgan Stanley High-Tech 35
was down 2.8%. The
Philadelphia Stock Exchange Computer Box Maker Index
was down 2.3%. The
Philadelphia Stock Exchange Semiconductor Index
was down 3.2%.
yesterday reported third-quarter earnings of 20 cents a share, a penny better than the
29-analyst estimate and up from the year-ago 14 cents. However, analysts expressed concern over the company's revenue growth. Oracle was most active on the Nasdaq on volume of 60 million. A slew of analysts downgraded the stock today.
were lower. Cisco was down 2 5/16 to 103 3/16; Microsoft was down 3 1/8 to 158 1/4; Intel was unchanged at 118 1/8; and Dell was down 9/16 to 41 3/8.