Stock market spirits were dampened by Microsoft and IBM's earnings report. The FTSE 100 fell by 11.6...
Stock market spirits were dampened by Microsoft and IBM's earnings report. The FTSE 100 fell by 11.6 to 5126.8 at close.
Computer related shares suffered. ARM Holdings shed 15p to 310p and Logica slid 33p to 577p. Allied Domecq, the liquor company, lost 7p to 388p after it announced that profit will meet reduced interim expectations. Cable & Wireless was down 9.25p to 309.75p. The UK phone and internet services company won a case to purchase the assets of Exodus Communications, the web provider that filed for bankruptcy.
Among the gainers, Glaxosmithkline rose by 53p to 1693p after US regulators approved of the expanded use of its asthma drug. Boots put on 9.5p to 625p after the company announced better than expected sales. While Enterprise Oil gained 2.5p to 618p after it stated that it has enough liquidity to make some acquisitions in the market.
US stocks fell wiping the gains of the previous days. The Nasdaq is trading 36.1 points down to 1949.68 and the Dow Jones Industrial Index shed 64.1 points to 9785.90.
Microsoft fell $2.39 to $67.47 after it announced that sales will miss targets. IBM shed $6 to $113.90 after it reported a fall in fourth quarter sales. Computer-related shares declined, Dell Computer lost 50 cents to $28.45 and Compaq Computer shed 25 cents to $11.55.
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