Aug 25, 2003 (01:08 PM EDT)
TECH STOCKS: The Pre-Labor Day Blahs
Read the Original Article at InformationWeek
Last week's rally didn't carry over through the weekend as stocks ended barely changed Monday in thin trading that figures to continue throughout the week as many traders take pre-Labor Day vacations.
The InformationWeek 100 index fell 1.43 points, or 0.5%, to 268.23. None of the other major indexes moved much, either: The Dow Jones industrials fell 31.23 points, or 0.3%, to 9,317.64. The technology-laden Nasdaq Composite Index fell 1.01 points, less than 0.1%, to 1,764.31, while the Nasdaq 100 tracking stock rose 7 cents, or 0.2%, to $32.51 as less than 43 million shares changed hands. The broader Standard & Poor's 500 Index rose 0.65 points, less than 0.1%, to 993.71.
Intel was the most active stock on the Nasdaq, declining 15 cents, or 0.6%, to $27.24, even after Morgan Stanley and Smith Barney raised their 12-month price targets. Both brokerages also boosted their earnings estimates on Intel for this year and 2004.
Sprint PCS fell 16 cents, or 3.1%, to $5 after Wachovia downgraded its rating on the wireless phone operator due to concerns about the future of the wireless telecom sector.