Even though Microsoft unveiled its new Windows XP package to the world today, technology and communi...
Even though Microsoft unveiled its new Windows XP package to the world today, technology and communications stocks pushed the FTSE 100 down under the 5,100 level again as the economic slowdown continues to hit business prospects.
Shares fell 81 points or 1.6% at 5086.6 by today's close after Cable & Wireless saw it position downgraded from underperform to neutral by Morgan Stanley and ECsoft Group, the IT consultancy, said it will have a full-year loss because of the dwindling demand for IT services.
One of the few technology-related firms that has seen a positive climb in its share price is Misys. The IT and financial services firm got a huge endorsement and gained 5.8% to 272p today after Deutsche Bank moved Misys onto its UK focus list for investment "buy" recommendations.
Radio companies have seen a strong rise too today after three firms announced they have achieved record listener figures.
Jazz FM gained 5.9% to 108p after JAR said listeners rose 11% to 963,000 per week in the last quarter, GWR Group - owner of Classic FM - rose 14% to 211p after reaching 6.4m listeners each week, and Capital Radio gained 4.1% to 702.5p, having reached a record 8.3m listeners each week.
The US market is not faring any better as reports from investment companies suggest investors cannot see when the market will bottom out.
The Dow Jones Industrial Average lost 96.74 points or 1% to 9248.8 and the Nasdaq Composite Index fell 32.51 points to 1699.03 on the back of all the negative comments emerging from investment firms, which suggest business is still deteriorating in the telecommunications and software industry.
Oracle, the third-largest software maker, fell $1.06 to $13.60 after Salomon Smith Barney cut its position from neutral to outperform, on suggestions that the firm is facing a growing threat from IBM. Microsoft also lost $1.25 but only cut its share price down to a mere $60.07.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation