RealTime IT News

Markets Already Away on Holiday

Anxious investors were already loading up the Volvo with suntan lotion and beach towels ahead of the extended weekend, and the market predictably traded sideways on relatively light volume. Dow components were modestly on the downside as the NYSE eased 24.68 to 10,299.24, while tech stocks sent the Nasdaq lower .24 to 3,205.11. The ISDEX was held underwater through most of the week, finishing the afternoon down .12%

Technology issues fell in sympathy on weakness in shares of Microsoft . The software giant's stock price continued to scrape along its 52-week low following news that the Justice Department would opt to stick with its original plan to break Microsoft in two. Shares fell 1/16 to 61-7/16.

Shares of Razorfish jumped 1-1/2 to 15, after the full-service design shop outlined plans to ramp up its wireless initiative abroad at yesterday's analyst meeting. On the heels of the announcements SG Cowen proceeded to slash its 12-month price target on the upstart from $65 to $25.

Quepasa.com rebounded 3/16 to 1-3/4, shortly after shares of the Spanish portal were halted ahead of a news release that announced plans to retain an investment broker in an effort to explore strategic alternatives. The company conspicuously went forward with its IPO plans last year before ever earning a dime and has since fallen victim to a cash shortage.

Shares of GoTo.com leapt 2 to 17-1/8, after the search portal reached a settlement with Disney over trademark infringement issues. Disney has agreed to discontinue use of its GO Network Logo and will pay GoTo $21.5 million to settle damages caused to the start-up's corporate identity.

S1 Corporation roared 6-7/8 to 35-3/16, after the financial software developer announced a collective $250 million cash infusion from JP Morgan , FleetBoston Financial , Zurich Financial Services, Allianz AG, and State Farm Mutual Automobile Insurance.

Shares in Neoforma.com dipped 1-9/16 to 7-15/16, after the e-healthcare supplies middleman announced plans to lay off 80 employees. This comes on the heels of officially terminating its $1.7 billion merger talks with Eclipsys and its HEALTHvision affiliate.

Emachines sank 1 to 5-1/16, after the deep discount PC retailer announced that its CFO Stephen Miller has stepped down to join action sports editorial and e-commerce start-up swell.com.