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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.