The Ticker A Look Back At The Past Week On Wall Street
The later part of Wall Street’s week was dominated by news in the high-tech industry. Thursday it was all good news, keyed by the IPO for Amazon.com, the Internet bookstore. The Seattle-based firm, one of the year’s most sought-after initial offerings, opened at $18 and finished the day at $23.50. … But initial public offerings weren’t the only high-techs doing well Thursday. Gateway 2000, an established computer maker, jumped $7.50 after announcing a 2-for-1 split and move to the New York Stock Exchange from Nasdaq. Even during Friday’s fall, Gateway gained another 87 cents to finish the week at $69.75.
Speaking of Friday’s fall, 20 points of the drop in the Dow can be attributed to Hewlett-Packard, which announced disappointing quarterly earnings - only up 8 percent. Because expectations were so much higher, HP’s stock fell $6.25 to $52.62-1.2. … Netscape Communications was another high-tech to take a tumble Friday, dropping $5.31-1/4 to $29.25. The news? Netscape said in a filing with the Securities and Excahnge Commission that it expects increasing costs to hurt operating results. The leading maker of World Wide Web browsers had been rally a bit this month, but Friday news took the steam out of that.