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The major indexes took a header Wednesday as numerous domestic and geopolitical woes conspired to squelch investor optimism--and the major indexes with it.
Nortel Networks also helped drive things south when it said it was firing its CEO and its CFO, would be delaying the release of first-quarter earnings, and expects that pending restatements will show a 50% drop in 2003 earnings. Shares in the company fell 28%, or $1.60, to $4.04.
Other tech stocks looked grim, too. Motorola fell 3.5%, or 72 cents, to $19.60; Cisco Systems fell 2.5%, or 57 cents, to $22.37; Microsoft fell 2.4%, or 66 cents, to $26.56; Intel fell 2%, or 53 cents, to $26.35; and IBM fell 0.8%, or 70 cents, to $90.41. The Nasdaq-100 tracking stock fell 1.8%, or 67 cents, to $36.20, on heavy volume of 111.4 million shares.
At the closing bell, the InformationWeek 100 had fallen 2.5%, or 8.37 points, to 320.53, and the Nasdaq index had fallen 2%, or 42.99 points, to 1,989.54. The Dow fell 1.3%, or 135.56 points, to 10,342.6, and the S&P 500 fell 1.4%, or 15.7 points, to 1,122.41.
See the full listing of all the companies in the InformationWeek 100 and the top 5 percentage winners and losers for the last closing at informationweek.com/stocks.