The earnings season began in earnest today when, after the close of market,
reported third-quarter earnings of $293 million or 20 cents a share, squeaking past analyst expectations of 19 cents a share. Last year the software maker earned 14 cents a share. Oracle closed lower 1 1/16 to 36 7/8.
But for technology stocks, the day was a snooze. There was some movement but not enough to get the heart racing. The day began on a sour note for computer distributor
, which warned this morning that first-quarter earnings will fall short of analysts' expectations. The Santa Ana, Calif.-based company also announced 1,400 job cuts and attributed the shortfall to intense margin pressure, year 2000 fears and economic jitters outside the United States.
After opening lower, Ingram Micro closed the day stronger and moved 1 1/8 higher to 19 3/4.
PC makers were not so lucky.
fell 1 7/16 to 41 7/8. Another casualty was
, which fell 1 1/16 to 30 1/2.
Net stocks did not provide much upward support. Both
gave back some of their gains made earlier this week as both sides kept quiet. Both companies had seen a rise in their stock as doubts
mounted about Lycos' proposed merger with units of
. Lycos ended the day 1 point lower to 109 while CMGI declined 9 9/16 to 182 1/8.
entered a deal with German telecom
in an attempt to get into the fast-growing European market. Investors liked the sound of that. Yahoo! ended the day higher 5 3/8 to 179.