Profit-taking Snowballs Into the Weekend
Either way, blue chips headed lower on Fed concerns, sending the NYSE plunging 150.43 to 10,626.85. Internet and tech stocks picked up where they left off yesterday, dragging the Nasdaq underwater 148.10 to 3,390.61, and the ISDEX off 5.59%.
A new version of the Love Bug virus was on the loose this morning. Experts confirm that the latest mutation is far more damaging than its predecessor. PC users are advised to be on the look-out for those annoying joke e-mails your co-workers keeping bugging you with.
Computer vaccine issues were mixed on the news. Shares of McAfee.com
Shares in Yahoo! climbed in early morning trade,
before investors sent the online media giant packing, down 11-11/16 to
120-5/16. The activity followed yesterday's hotly anticipated closed-door
analyst meeting. Many attending the annual meeting returned bullish on the
company's wireless initiatives.
Egreetings marched 1-7/32 to 3-19/32, after the
online greeting card concern announced that it has inked a deal with
Microsoft to manage and host free e-cards for
the software giant's family of Web properties, which include Hotmail.com
and WebTV.
The Lycos soap opera continued unabated today.
Shares slipped another 4-3/16 to 58-1/8 as investors digested the portal's
Q3 earnings results and David Wetherell's hand-wringing over the Terra
Networks' merger deal.
Shares of Sycamore Networks plummeted 11-5/16 to
80-15/16, after the optical networking component maker reported Q3 earnings
of $0.05 per share, ahead of consensus estimates by two cents, and
better-than-expected sales figures of $60 million. remained unchanged on the day. Symantec
eased 5/8 to 62-5/16, while Network Associates
shed 1-1/8 to 21-3/16.
