Nasdaq continues to fall
- 13 April, 2000 12:49
A wholesale dumping of technology stocks continued on Wednesday morning US time, extending the Nasdaq's steep losses into a third day. The index fell another 3 per cent, or 129.81 points, to 3926.09 by midday.
The drop followed more Microsoft losses. The company fell 5 per cent in the morning after cautious analyst commentary on its growth. Another big loser was Compuware, which dropped 37 per cent amid disappointment over its earnings, losing $US7.50, to $12.56.
Microsoft and Compuware were the two most actively traded stocks on the Nasdaq in morning trading, but they weren't the only tech issues to lose ground. Cisco Systems lost 5 per cent to $66.13. Sun Microsystems added to recent losses with an additional 6 per cent drop to $82.88. IBM was down 4 per cent at midday to $114.31, and Intel lost almost 3 per cent to $127.19.
Yahoo was a rare exception in the tech sector, reversing a recent downslide with a 5 per cent gain to $140 at midday. But internet peers Amazon.com and Inktomi dropped 4 per cent each, to $60.63 and $129.50, respectively. Internet Capital Group also lost 10 per cent to $51.75.
But the Dow retained its confident posture in morning training. Building on recent gains, it was up 121.54 at midday, to 11408.62. Coca-Cola was among its big winners, up nearly 5 per cent to $49.38. Wal-Mart was up 1.5 per cent to $64.31.