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CNNfn tech stock report
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September 4, 1998: 5:26 p.m. ET
Nasdaq makes charge in final hour to close down only 5 points
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NEW YORK (CNNfn) - A rush of buying near the closing bell helped the tech-heavy Nasdaq Composite recover most of the day's losses to close only slightly lower.
The tech-heavy Nasdaq erased a more than 20-point loss to finish down 5.34 points to 1,566.52 on volume of 621 million shares. Declines only slightly outpaced advancing issues.
For the week, the Nasdaq lost 73.16 points, or 4.46 percent, over its close of 1,639.68 on Aug. 28.
One of the day's heaviest losers was Cambridge Technology Partners Inc. (CATP) which tanked 7-25/32 to 27-3/8 after Mark D'Annolfo of Adams Harkness & Hill downgraded the stock to "attractive" from "buy" Investors were also worried by the fact much of the firm's business comes from overseas where economies are suffering. Cambridge is a consulting firm that specializes in bringing older computer networks up to current standards.
Shares of wireless digital phone company OmniPoint Corp. (OMPT) which shed 7/8 to 10-1/4 after the company announced Chief Financial Officer Brad Sparks had resigned. Also, CS First Boston cut its rating to "hold" from "buy."
Larscom Inc. (LARS) shares fell 1-3/16 to 2-7/8, setting a new 52-week low. The network-products company expects a third-quarter loss of up to 15 cents a diluted share and said it will also lose money in the fourth quarter.
Software company Symantec Corp. (SYMC) lost 1-1/8 to 19-1/8 after it was ordered to stop selling and recall existing copies of its latest Norton Uninstall Deluxe program. A court ruled the program contained code that infringed on a copyright held by CyberMedia Inc. (CYBR).
Several telecom companies took hits Friday, including WorldCom Inc. (WCOM) whose shares lost 1-5/8 to close at 45-3/4 after the chief of its United Kingdom division resigned. Shares of merger partner MCI Communications Corp. (MCIC) also fell 1-9/16 to 56-11/16.
Chip giant Intel Corp. (INTC) closed up 1-1/2 to 78-1/4 after several chip analysts said they expected the company's third-quarter earnings would be higher than originally expected.
Shares of computer workstation maker Sun Microsystems Inc. (SUNW) gained 2-1/4 to 42-11/16 after Daniel Kunstler of J.P. Morgan & Co. reiterated a "buy" rating and said the company's earnings are on track to meet expectations.
--by staff writers Cyrus Afzali and Brendan Hasenstab
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