SAN FRANCISCO (07/03/2000) - Break out the fireworks - for now, anyway. The market ended last week on an up note, with both the Dow and the Nasdaq climbing to strong finishes by Friday's end. The Nasdaq rose over 2 percent, or 88.88, to 3966.11. The Dow gained 0.48 percent, or 49.85, to 10447.89. Friday's finish brings the second quarter to a decently strong close, though both indexes remain in the red for the year to date.
The day's most dazzling firecracker was found in Storage Networks, which rocketed a full 237 percent after its IPO this morning. The stock was priced at $27 (boosted from an expected $23-$25 range) and shot up $64 to close at $91.
The jump capped a stellar week for initial offerings; Marvell Technology, Stratos Lightwave and Virage were among others that gave head-turning performances earlier on.
The wireless sector enjoyed a recovery Friday, as well. L.M. Ericsson Telephone Co. and Nokia Corp. (NOK) rose on news of positive research from Goldman Sachs, which says both companies are well positioned to benefit from wireless business opportunities. Ericsson gained 7 percent, or 93 cents, to close at $20. Nokia rose 3 percent, or $1.68, to $49.93. Both stocks suffered hits yesterday on warnings that growth in the sector may be slowing.
Palm extended its recent run-up Friday, jumping another 12 percent. The stock gained $3.56, to $33.25. Qualcomm, meanwhile, dropped on news that the company plans to lay off 200 employees, or nearly 3 percent of its workforce. Qualcomm lost $1.56, or 2 percent, to $59.94.
Large-cap tech stocks led Friday's Nasdaq uptick. Stalwart techs were up nearly across the board, with IBM the rare exception: The stock lost $4.93, or 4 percent, to close at $109.06.
Big gainers in the Internet space Friday included Internet Capital Group (ICGE) , up $4.25, or nearly 13 percent, to $38. CommerceOne rose $3.51, or nearly 8 percent, to $44.89.
Blue chips turned in a more mixed performance, with AT&T (T) slipping on news that it might spin off its consumer long-distance business. The stock fell 1 percent, or 37 cents, to $31.87. Financials also were solidly down, with Donaldson, Lufkin & Jenrette (DLJ) posting the biggest loss: $1.75, or 4 percent, to $42.44.