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Techs come back to life
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October 22, 1999: 4:57 p.m. ET
Street goes bargain hunting, allowing IBM to recover
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NEW YORK (CNNfn) - Tech stocks on Friday picked up steam, showing winning results in almost all sectors, with software, chips and wireless companies especially posting strongly.
Even yesterday's big loser, IBM (IBM) made a slight comeback, and closed up 2-7/8, ending the day at 93-7/8. Yesterday Big Blue posted loses of nearly 14 percent after it warned the next two quarters would not be earnings winners. Some on the Street took advantage of its price decline and scooped on shares that seemed to be on sale.
In the software arena, Redwood City, Calif.-based Broadvision (BVSN) rocketed up 7-1/4 to close at 196-7/8.
Intel (INTC) also soared higher, up 2-15/16, ending the day at 74, after announcing the release of a speedier computer processing chip slated for Monday.
Newcomer network provider Sycamore Networks (SCMR) of Chelmsford, Mass., took Wall Street by storm with its initial public offering, debuting at 38, reaching 270-7/8 at its apex, and closing at 187, a 392.11% gain.
The earth's biggest e-tailer, Amazon.com (AMZN) made headlines Friday, crying copyright infringement over its online shopping capabilities that rival barnesandnoble.com allegedly swiped and plans to sue the bookseller . Amazon closed down 2-1/8 at 78 5/8, while its rival closed barnesandnoble.com (BNBN) closed up 1/8 at 18-1/2.
The Internet sector was mainly down, with Inktomi (INKT) leading the losers, down 17-7/16, closing at 103-1/16. The company late Wednesday reported fourth quarter net losses of $4.9 million or nine cents per diluted share, compared to First Call estimates of ten cents per share. However revenues grew to $26.2 million for the quarter, compared to $8.3 million the year before.
While some analysts cut buy ratings for Inktomi, Deutsche Banc Alex. Brown analyst Jim Wade thought Inktomi's prospects for the coming year were favorable. Wade's research note labeled its fourth quarter results "superlative," and he reiterated his buy rating, and raised his calendar 2000 revenue estimate to $163 million from $144 million.
-- from staff and wire reports
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