Profit-Taking Pulls Dow Under 11,000
Seattle Times Business Reporter
After the fastest 1,000-point gain in history, stocks consolidated today.
The Dow Jones industrial average, which yesterday finished a 24-session run to 11,000 from 10,000, gave back 128.58 points, or 1.2 percent, today to close at 10,886.11. Yesterday's gain was 225. The Nasdaq composite index fell 50.47 points today, or 2.0 percent, to 2,485.11.
Microsoft, the world's highest-valued stock, stalled for the sixth straight session, slumping $1.813 to $78.063. Its market value of just under $400 billion still is $50 billion ahead of second-place General Electric. Market value is the number of shares outstanding times current per-share price.
Boeing, a Dow industrials component, advanced for the third straight day, up 6.3 cents to $43.125.
The disaster of the day was Wall Data. The maker of computer-network software said quarterly figures wouldn't meet estimates and it was considering splitting the company. Investors split. The stock hit an all-time low for its six years as a public company and fell $3.813, or 25 percent, to $11.438.
The Western Wireless-VoiceStream Cellular split, effective yesterday, paid dividends for the second straight session. Western fell $1.938 to $21.938, but VoiceStream climbed $4.75 to $25.25.
Analysts' positive comments continue to buck up Cutter & Buck. The Seattle apparel company gained 81.3 cents to $25.875.
Internet companies were relatively quiet, although RealNetworks, which lost more than $21 yesterday, recaptured more than $20 before a late fade left it up just $1.50 at $201.563. The Seattle company announced plans for a computer jukebox yesterday.
A Portland brokerage raised its rating on ThrustMaster, a maker of game controllers, to "strong buy" from "buy." The stock picked up $2.375 to $23.125.
Transportation issues were far stronger than the general market. Alaska Air shared that strength, up 81.3 cents to $44.813.
Information from Bloomberg News is included in this report. Greg Heberlein's phone message number is 206-464-2267. His e-mail address is: firstname.lastname@example.org
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