| Show Business 6D Friday December 12000 OJUGPtR® lUlSSsniat — — Tech failspin drags Dow down The Associated Press NEW YORK - Wall Street recoiled Thursday from fears that worse may be yet to come for earnings and the economy with the battered Nasdaq composite index sinking at one point to more than 50 percent off its Standard-Examin- J Nasdaq continues its decline PC maker Gateway’s warning of lagging holiday sales was just one of the factors that brought down the Nasdaq Composite Index Thursday The index now stands at nearly half the value of its high for the year 5 500 J March 10 15048 62 5000 record high close The tailspin triggered by PC 4 500 maker Gateway’s warning of disappointing holiday sales also 4 000 dragged the Dow Jones industrials down more than 300 points 3 500 before a final-horebound cut losses Nov 30 It was the second heaviest 3 000 333616 ever for both the trading day New York Stock Exchange and 2 500 D N F J Nasdaq Stock Market 1999 2000 “The financial markets today are sending a strong signal that Source CSi Inc via MSN MoneyCentral worries about the economy and that cent or 21462 at 1041449 after earnings are intensifying we may be headed toward a refalling more than 335 points m cession or hard landing” said afternoon trading The broader Hugh Johnson a chief investStandard & Poor’s 500 index fell ment officer at First Albany 2698 to 1314 95 Corp “The good news is that Gateway fell $130 to $19 stocks are gettmg down to levels giving it a loss of nearly 39 perthat are arguably fairly valued” cent over two days The stock The drop continued a slide m which a year ago was trading at technology companies that bemore than $80 per share was algan after Labor Day when it so downgraded by several anafirst appeared that the volatile lysts sector would perform poorly m The selloff quickly spread to a slow mg economy Thursday’s other computer-relate- d stocks which over to the selling spilled on concerns that Gateway’s rest of the market was directly warning reflected industrywide related to Gateway’s announcemakment late Wednesday that its problems Rival computer fell $256 to $1925 Dell er holiday sales were weaker than Chip makers which supply expected The market’s worries were the PC industry also dropped led by Intel down $469 at compounded by a Commerce Department report showing $38 06 Microsoft was down Americans’ personal income $769 at $5738 Intel and Microsoft are Doftf components slipped 02 percent in October the first decline m nearly two and their declines helped pull the blue chip index lower 0 vears The report also said consumer spending rose by the Thursday’s decline repeated what is becoming a familiar patsmallest amount m six months The Nasdaq closed down tern for Wall Street m which a stock like Gateway 109 00 at 259793 a 4 percent loss Early in the afternoon the - or in recent months Apple index fell as low as 2523 04 -Computer or Intel - has warnabout half its March 10 closing ed of disappointing results and set off waves of intense selling record of 5048 62 Tha Nasdaq which has fallen in nine out the These same stocks helped feed last sessions is trading at its Wall Street's stellar gains of the lowest levels since early August past ear now they are per1999 It also lost 23 percent of ceived as the most vulnerable in a slowing economy us value during November The Dow closed down 2 per But not all tech stocks suf high-profi- le Thursday 259793 AP fered Oracle climbed $363 to $2650 and boosted by a late mr iiM spending spree Nortel Networks rose $275 to $3775 “Growth rates and earnings are slowing but technology and telecom stocks are still expected to grow faster than the overall market” said Brian Belski a fundamental market strategist Z MMOOrfiS NEW YORK - Stocks that were moving substantially or trading heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market WSE Abercrombie & Fitch Co down $731 at $2088 The retailer reported November sales fell 8 percent at stores open at least a ear Deere & Co up $181 at jouth-oriente- d $4069 “hold” by UBS Warburg AnnTaylor Stores $869 at $2075 down The upscale women’s retailer reported a percent drop in its November sales at stores open at least a year Its stock was also downgraded by several analysts NASDAQ Altera Corp down $2 at 1 $2394 The chip maker’s stock was downgraded by several analysts Bntish pound expressed lar m fprpn currency ffi U S doiars AR others show dol- with US Bancorp Piper JafTray “Even though you have the market down you still have some leadership here” He attributed some of the selling to investors seeking to trim their tax bills by selling some issues at a loss The losses also unsettled financial and drug stocks sectors that have lately been seen as a safe haven Banker JP Morgan fell $550 to $13481 and American Express slipped $2 to $5494 Merck was off $288 at 11 Philip Moms 26 Boeing McDonalds United Technologies 25 Coca-Co- la 82 52 Disney Amencan Express 27 General Electnc 40 Procter & Gamble 30 Union Carbide 15 15 Goodyear AT&T 11 w la CI Economy From 5D spending has been slowing since August was a “real worry” but he said it was too soon to say whether the dropoff will be per- manent “It is unclear whether this is a temporary pause caused by tire h gasoline problems and a trend true or toward a prices sky-hig- more conservative consumer” he said Other analysts said while consumer spending is slow mg they were still looking for a good if not great Christmas sales sea- son reflecting the fact that unemployment currently stands at e low of 3 9 pera cent “The buying season won't be as spectacular as last year’s Christmas but it won't be terrible either” said Gordon Richards economist at the National Association of Manufacturers Economists blamed the 0 2 percent drop in incomes on a payments personal incomes would have risen 0 4 percent in September and a solid 0 5 percent m October Disposable personal income the amount left after paying taxes fell by 0 4 percent in October the biggest decline in four years The combination of falling incomes and a slight growth in spending pushed the personal savings rate down to a record low of negative 0 8 percent in October three-decad- Flextime From 5D ndersen who went to flextime two years ago said employees who take reduced hours shouldn't expect themselves to slay on the career fast track “One of the biggest obstacles had to overcome was the feeling that I wasn't contributing enough” she said “I really h struggled with my I self-wort- GDP growth cools The government reported Wednesday that the economy slowed even more than previ- ously believed in the July quarter with the gross domestic product rising at an annual rate of just 2 4 percent less than half the tomd 5 6 per eptember watching all my peers excel faster than me" Cliflon who chose flextime so she could have more time to keep the books for her husband's construction business said she had to accept that her priorities had changed “I was able to readjust my focus" she said “I realized 1 am not going to make partner as fast as some of these people who I'm working with You have to learn to accept that Og - 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138 Entravsnn14 31 Entrade 16 75 THe Coastal CocaCE 1 - 93 75 12 25 31 DanaCp Danaber 382519 583 13 3194 CtNergy OCtyCC 1269 Cftgrps 5044100 GtzComm 1388 -- 19 3306 - 69 CrtyNC OairesStr 18 9 94 -- 19 ClaytnH reveafter it said fourth-quartnues would be flat Pacific Sunwear of California Inc up $381 at $2225 The clothing retailer said its November sales at stores open at least a year rose 5 percent Tut Systems Inc down $356 at $713 The broadband systems provider said fourth-quartresults would be lower than expected because of tightening m capital markets that has affected some of its customers Apnl-Jun- 13 DanRaus 8 19 47 25 213 -- 269 - 19 81 37 94 38 44 DaJ 75 - 381125 ChoceR DTE OaimlfC 388 -- 563 -- 381 -- 794 -- 4 -- 94 1 194 344 -- - 44 ChroMt s26 ChmPetn16 ChmaUntnl4 Compaq ComoAs big swing in federal farm subsidy payments which had soared in September pushing up incomes by 11 percent only to return to more normal levels in October Without the volatility m farm 22 VXD it Mixed retail sales affect stock levels The farm machinery maker was upgraded to “buy” from Futures Here a took at the PE ratio and protected PE ratio tor several blue chip stocks Shown are name PE nt PE last pnee daily net change and change m poce Chyron CIBER The Associated Press er By Scott Adams i APPARENTLY OUR ? I I i I TEAM-BUILDI- P0TLUCK LUNCH DIDN'T TAKE |
