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Stocks Mixed On Employment Data

By Paul Shread   |    November 03, 2000
Page 1 of 2

A stronger than expected gain in hourly earnings weighed on blue chips on Friday, but technology and Internet stocks continued their winning streak.

The ISDEX gained 11 to 663, and the Nasdaq rose 26 to 3455. The S&P 500 was unchanged at 1428, and the Dow lost 75 to 10,804. Volume declined to 490 million shares on the NYSE 900 million shares on the Nasdaq. Decliners led by 13 to 11 on the NYSE, but breadth was even on the Nasdaq. The number of new jobs rose less than expected in October, but wage growth was strong and the unemployment rate remained low at 3.9%. For earnings reports, visit our earnings calendar and reported earnings. For after hours quotes and news, visit our after hours trading site.

Priceline lost 2 1/2 to 4 3/8 after the company matched reduced estimates but announced the departure of CFO Heidi Miller.

GoTo.com rose 1 1/4 to 17 3/8 on a deal with Terra Lycos .

Internet infrastructure leaders rose after Sprint announced it would increase capital expenditures next year, the first telecom giant to do so. Sprint lowered estimates, but said bandwidth demand was strong. Cisco Systems , which reports earnings Monday night, rose 7/8 to 56 7/8. JDS Uniphase gained 1 3/8 to 82, and Juniper Networks rose 13 to 207 7/8.

Ziplink became the latest victim of the telecom shakeout, dropping 25/32 to 31/32 after announcing that it does not have sufficient funds to meet a $1.9 million past due payment to WorldCom, which has demanded payment. Ziplink said is seeking a merger partner.

The IPO of Optical Communications Products received a warm welcome, pricing at 11, opening at 18, and rising to 19 1/2.

ScreamingMedia.com surged 1 3/4 to 6 5/8 after beating estimates by 6 cents with a 16-cent loss. CS First Boston upgraded the company to Strong Buy. Jupiter Media Metrix soared 3 1/4 to 15 1/4 after beating estimates by 7 cents with a 1-cent loss.

GoAmerica rose 15/16 to 11 7/8 after matching estimates with a 27-cent loss. Bluefly added 1/16 to 2 1/2 after beating estimates by 11 cents with a $1.01 loss. MyPoints.com slipped 5/32 to 2 7/32 after beating estimates but announcing the resignation of CEO Steve Markowitz.

Salon.com added 3/32 to 1 3/8 after beating estimates by 8 cents with a 22-cent loss. Imagex.com added 1/32 to 4, down from an intraday high of 5, after beating estimates by 51 cents with a 41-cent loss. Deltathree.com slipped 9/32 to 4 11/32 after beating estimates by 4 cents with a 31-cent loss.

Digital Island lost 1 11/16 to 11 9/16 on a Merrill Lynch downgrade amid doubts about the company's path to profitability. WebEx rose 3 1/2 to 47 on a CIBC Strong Buy.

Some technical comments on the market: Note: We are now including charts in the technical market commentary. If you can't get the charts via the e-mail newsletter version, try this link: http://www.afterhourstrading.com/column.html

Special report: For a free introduction to technical chart patterns and an overview of this year's action in the stock market, visit http://www.internetstockreport.com/guest/article/0,1785,2571_500051,00.html.

The Nasdaq 100 made it interestin



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