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RealTime IT News

Tech Rally Takes It Into The Weekend

Bouncing back from a midday downturn, both "old economy" and tech stocks finished a rough week of trading on a positive note Friday.

The Dow Jones gained 115.30, or 1.2%, to close at 9,504.78, while the Nasdaq rose 31.28, or 1.7%, to 1,928.98. The S&P 500 advanced 22.32, or 2.0%, to 1,139.90.

(For earnings reports, visit our earnings calendar and reported earnings page. For after hours quotes and news, visit our after hours trading site.)

Outperforming all the major exchanges was internet.com's Internet Stock Index, or ISDEX, which gained 3.1% to end the day at 218.88.

Indeed, it was a strong day in general for Internet stocks, as all 13 sectors featured more advancers than decliners. (It's hard to recall the last time that happened.) For a look at sector breakdowns, visit here.

E-business infrastructure software maker TIBCO Software was the top tech performer, rising 30% to close at $10.44 after the company beat lowered Q1 estimates. TIBX reported pro forma net profits of $3.5 million, or 6 cents per share, compared to recent profit forecasts of 3 cents per share. Analysts had called for a profit of 8 cents per share before the company lowered its guidance earlier this month.

Linux software and services provider Red Hat rode a wave of optimism following news that Q4 revenues more than doubled, while net loss excluding goodwill and acquisition costs was $600,000, or breakeven. Consensus estimates called for a loss of 1 cent per share. RHAT shares finished trading Friday at $5.88, a gain of 12.6%. The stock climbed as high as 36.6% earlier in the day.

Bandwidth management software maker Packeteer plunged 36.5% after the company said it would lose 6 cents to 8 cents per share in the first quarter and that revenue would fall 15% to 20% below Q4 sales. Analysts had expected a profit of 2 cents per share. PKTR closed at $5.13, after reaching a 52-week low of $5 earlier.

And networking infrastructure giant Cisco Systems lost 5.4% to finish at $18.69, the stock's lowest closing price since November 1998.



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