Windows 95 Jitters Spark Sell-Off

Investors played the party poopers Thursday as Microsoft Corp. celebrated the introduction of its Windows 95 computer operating system.

Shares of the software company and other technology issues fell, adding to traditional summer slackness that left the stock market mixed.

Analysts said uncertainty over the success of the most heavily hyped software in history led investors to take profits following a technology sector price run-up most of the year.

The Dow Jones industrial average fell 4.23 points to 4,580.62.

Declining issues and advancers were about even on the New York Stock Exchange.

Big Board volume totaled 299.18 million shares as of 4 p.m., up from 291.39 million in the previous session.

Computerized buy and sell programs added to the market’s volatility on a day of low volume, said Alfred Goldman, vice president of A.G. Edwards & Sons Inc. in St. Louis. Several indexes, including the Dow industrials, moved between positive and negative territory all day.

Technology stocks have taken a few hits recently as investors cash out.

Some of the stocks that moved substantially Thursday:

NYSE

Dollar General Corp., down 2-1/4 to 24-1/4.

The Nashville, Tenn.-based operator of discount department stores fell after an analyst with Robinson-Humphrey said August sales were hurt by Hurricane Erin and inventory problems.

H&R Block Inc., up 1-5/8 to 39-1/8.

The tax preparation company, which also owns the CompuServe computer online service, reported profits of 5 cents a share in a quarter when it normally loses money.

Walt Disney, down 1-1/4 to 56-1/8.

The entertainment company plans to take over Radio City Music Hall in New York as part of a deal that will make it a part owner of Rockefeller Center.

NASDAQ

Novell Inc., down 1-11/16 to 17-13/16.

The Orem, Utah-based maker of Netware computer network software and WordPerfect word processing and Quattro Pro spreadsheets reported earnings slightly below analysts expectations and said it expects flat revenue in the fourth quarter.

AMEX

Turner Broadcasting, Class B, up 1 to 23-1/2.

Lehman Brothers Inc. started coverage of the entertainment and news company saying it will outperform the overall stock market.