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.
