Author: JT Smith
Stocks were a bit worse for the wear on Friday, as Wall Street considered the possibility that a rebound in corporate profits could take a little longer than anticipated.
Investors appeared to be spooked by new government data showing that orders for durable goods fell 5 percent in April. Economists had been predicting a decline between 2 and 3 percent. Remarks from Alan Greenspan after-hours on Thursday may have moderated the downturn. The U.S. Federal Reserve chairman said that further rate cuts may be needed to shore defenses against long-term economic weakness.
“Bottom line here: Rome wasn’t built in a day. Recovery won’t happen overnight,” said analyst James Philburn. “The street is still skittish; investors are trying to adapt to a long-term view, but the panic [from first-quarter reports and government economic data] in the tech arena won’t be easy to shake.”
Heading into the three-day weekend, the tech-heavy Nasdaq closed at 2,251.06, down almost 31 points for the day, but up 53 points from last Friday’s bell. The Nasdaq peak closing for this week happened on Tuesday, when it closed at 2,313.85.
As traders head off to grill burgers this Memorial Day weekend, they leave the Dow Jones Industrial Average standing at 11,005.37, down 117 points for the day, down almost 296 points from last Friday’s close. The Dow’s high closing this week was Monday, when it closed at 11,337.92.
Volume on both markets were the lightest so far this year, due to the holiday weekend.
The first quarter was less than kind for the U.S. Unix and Linux server market. Dataquest researches say the domestic market for Unix servers shrunk almost 2 percent in the first three months of the year, thanks in no small part to the sluggish economy. Despite the doom and gloom, the big dogs — Sun, Dell, and IBM — saw double-digit growth in their server business.
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Here’s how Open Source and related stocks did this week:
Company Name | Symbol | 5/25 Close | 5/18 Close |
Apple | AAPL | 22.76 | 23.53 |
Borland Software Int’l | BORL | 10.06 | 10.04 |
Caldera International | CALD | 1.95 | 1.89 |
EBIZ Enterprises | EBIZ.OB | 0.77 | 0.82 |
Hewlett Packard | HWP | 30.05 | 29.85 |
IBM | IBM | 117.80 | 117.44 |
Merlin Software Tech. | MLSW.OB | 0.28 | 0.30 |
Red Hat | RHAT | 5.95 | 5.82 |
Sun Microsystems | SUNW | 20.47 | 19.97 |
TiVo | TIVO | 11.21 | 4.39 |
VA Linux Systems | LNUX | 4.46 | 4.20 |
Wind River Systems | WIND | 25.03 | 22.52 |
Category:
- Open Source