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CNNfn tech stock report
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January 5, 1999: 4:20 p.m. ET
Chip shares soar; new products boost Apple; holiday sales lift Amazon
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NEW YORK (CNNfn) - Shares of chip and computer companies led technology-stock gains Tuesday, while Internet shares lagged as investors took profits from companies that had previously posted strong gains.
Technology bellwether Intel Corp. (INTC) jumped 2-7/16 to 123-1/4 after making its second major product announcement in as many days. The chip titan announced the availability of three new 450-MHz Xeon processors designed for corporate servers.
Lam Research Corp. (LRCX) soared 6-1/4 to 25-1/4 after SoundView Financial Group upgraded the chip-equipment maker to a "buy" from a "hold" rating.
Elsewhere in the sector, Maxim Integrated Products Inc. (MXIM) rose 5-1/2 to 49-7/16; Altera Corp. (ALTR) added 4 to 64-15/16; and Novellus Systems Inc. (NVLS) finished 6-9/16 higher at 58-9/16.
In the computer sector, Apple Computer Inc. (AAPL) climbed 2-1/16 to 43-5/16 after introducing a slew of new products at the Macworld exposition in San Francisco. The company also received a boost from Warburg Dillon Read, which initiated coverage of the Macintosh maker with a "buy" rating and a $50 price target.
Warburg Dillon Read also gave a lift to Gateway Inc. (GTW), which rose 4-3/8 to 58 after the investment bank initiated coverage of the computer maker with a "buy" rating.
Among other computer companies, IBM Corp. (IBM) added 6-5/8 to 189-5/8, and Compaq Computer Corp. (CPQ) rose 1-11/16 to 44.
Internet shares finished mostly lower, although Amazon.com Inc. (AMZN) added 6-3/16 to 124-1/2 after announcing holiday sales quadrupled at its Web site, bringing fourth-quarter sales 350 percent over year-ago levels. Amazon's 3-for-1 stock split went into effect Tuesday.
Internet service provider America Online Inc. (AOL) finished 2-3/16 lower at 146-5/8 after striking a deal under which CBS Corp. (CBS) will be its exclusive news partner.
Some other Internet shares fell victim to profit taking, including eBay Inc. (EBAY), which dropped 16 to 224; and Onsale Inc. (ONSL), which dipped 2-7/8 to 41.
In the networking sector, Tellabs Inc. (TLAB) soared 13-1/16 to 78-13/16, while Nortel Networks (NT) jumped 6 to 57.
Finally, software behemoth Microsoft Corp. (MSFT) rose 5-1/2 to 146-1/2 after Lehman Brothers raised its 12-month price target to $185 from $140. 
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