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October 25, 2002
Techs up with storage sector, chips
Data storage device-maker Emulex beat Wall Street's consensus estimate and helped fuel a tech rally Friday.
Other storage stocks rose with Emulex's news. Amazon.com surpassed expecations also, but was downgraded by analysts as too expensive and the shares lost gound. With chip shares surging, CNET's Tech Index lifted 23.40 points, or 2.53 percent, to 944.97. The tech-laden Nasdaq composite index added 32.42 points, or 2.5 percent, to 1,331.13.
Broader markets joined the party amid news of mixed economic data and a profit warning from insurance firm Cigna. With word of worse-than-expected durable goods orders but better-than-expected new home sales, the Dow Jones industrials gained 126.6 points, or 1.52 percent, to 8,443.9. The S&P 500 increased 15.15 points, or 1.72 percent, to 897.65.
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Verizon third-quarter net income rises
Verizon Communications Inc. , the No. 1 U.S. local telephone company, on Friday posted higher third-quarter net income, but revenue rose only slightly as weak demand and a loss of telephone lines offset better-than-expected wireless sales.
New York-based Verizon and other Baby Bells have seen their traditional local telephone businesses deteriorate due to increased competition and reduced spending by customers in the weak economy.
VERIZON COMMUNICATIONS (VZ) 36.57 -0.87%
Analysts: JDS must cut with caution
JDS Uniphase must still cut costs to meet a lower break-even target, but the optical equipment giant must trim carefully to stay at the top of the market when a recovery finally comes, analysts said on Friday.
JDS, the world's largest supplier of fiber-optic parts, faces a gap of $70 million to $80 million between its second-quarter sales target and the new break-even rate, even after cuts that have slashed jobs and manufacturing plants.
JDS UNIPHASE CORP (JDSU) 2.20 -9.09%
Judge OKs findings in Microsoft lawsuits
In what could be a legal blow to Microsoft, a federal judge has signaled that antitrust plaintiffs who filed recent private lawsuits against the software giant might be able to use findings from the government's earlier case, according to published reports.
The comments by U.S. District Judge Frederick Motz in Baltimore were made during a one-day hearing on a motion by plaintiffs Thursday. The plaintiffs--including number of software makers--asked that they be allowed to base their lawsuits on the antitrust violations that were established in the Justice Department's long-running case against Microsoft.
MICROSOFT CORP (MSFT) 52.68 2.83%
U.S. Bancorp Piper Jaffray downgrades Amazon to "market perform" in notes 10/25/02
Despite Amazon's better-than-expected quarter, analyst Safa Rashtchy lowers his rating on the Internet retailer from "Outperform" based on a concern the stock price is too steep. He raises estimates for Amazon and notes the firm's strong competitive position and growing e-commerce market. But Rashtchy's target price remains $17. He warns risks for Amazon include eroding profitability and liquidity pressure from long-term debt.
AMAZON.COM (AMZN) 19.30 -2.82%
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Qualcomm names wireless chief
Qualcomm has named Norm Fjeldheim as chief executive of its Wireless Knowledge subsidiary, the company said Friday.
Fjeldheim will replace Eric Schultz, who has left the company. Fjeldheim had most recently served as chief information officer at San Diego, Calif.-based Qualcomm.
QUALCOMM INC (QCOM) 36.52 3.19%
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