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RealTime IT News

Nets, Techs Ignore Strong Jobs Data

Blue chip stocks sagged Friday on a stronger than expected gain in hourly earnings, but technology and Internet stocks continued their winning streak.

The ISDEX gained 12 to 664, and the Nasdaq rose 22 to 3451. The S&P 500 slipped 1 to 1426, and the Dow lost 62 to 10,817. Volume declined to 992 million shares on the NYSE and 1.8 billion shares on the Nasdaq. Decliners led by 14 to 13 on the NYSE, but advancers led 20 to 18 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 3/32 to 4 3/4 after the company matched reduced estimates but announced the departure of CFO Heidi Miller.

GoTo.com rose 7/8 to 17 on a deal with Terra Lycos , up 1 15/16 to 26 3/4.

BroadVision rose 2 7/16 to 35 3/4 ahead of its addition to the S&P 500 after the close.

Internet infrastructure leaders rose after Sprint announced it would increase capital expenditures next year, the first telecom giant to do so. However, the company must raise more than $2 billion to do so. Sprint lowered earnings estimates, but said bandwidth demand was strong. Cisco Systems , which reports earnings Monday night, rose 1 to 56 3/4. JDS Uniphase gained 5/8 to 81 1/4, and Juniper Networks rose 20 5/8 to 215 1/2.

Ziplink became the latest victim of the telecom shakeout, dropping 3/4 to 1 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, rising to 20 1/2, and ending unchanged at 18.

ScreamingMedia.com surged 1 19/32 to 6 15/32 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 1/32 to 15 1/32 after beating estimates by 7 cents with a 1-cent loss.

GoAmerica rose 9/16 to 11 1/2 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 3/16 to 2 3/16 after beating estimates but announcing the resignation of CEO Steve Markowitz.

Salon.com added 1/8 to 1 13/32 after beating estimates by 8 cents with a 22-cent loss. Imagex.com added 1/4 to 4 3/16, down from an intraday high of 5, after beating estimates by 51 cents with a 41-cent loss. Deltathree.com slipped 1 5/32 to 3 15/32 after beating estimates by 4 cents with a 31-cent loss.

Digital Island lost 1 7/8 to 11 3/8 on a Merrill Lynch downgrade amid doubts about the company's path to profitability. WebEx rose 5 1/2 to 49 on a CIBC Strong Buy.

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