Mon, Oct 11, 1999
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Nasdaq Powers To New High, Dow Index Lags

NEW YORK — The Nasdaq market climbed to a record high Monday, spurred by frenzied trading in Internet-related stocks, while the broader market was uneventful as the Columbus Day holiday slowed activity to a trickle.

The Dow Jones industrial average ended 1.58 points lower, or 0.01 percent, at 10,648.18.

The Nasdaq Composite index jumped 29.39 points, or 1.02 percent, to 2,915.96, surpassing the record finish of 2,887.06 set on Sept. 10.

But in the broader market, declining issues led advances 1,564 to 1,364 on light volume of 656 million shares on the New York Stock Exchange.

The Standard & Poor's 500 index dipped 0.81 of a point, or 0.06 percent, to 1,335.21.

"Nobody cares about anything at all except what it takes to build out the Internet,'' said Scott Bleier, chief investment strategist at Prime Charter Ltd.

"Whether its rational or not doesn't seem to matter to investors. Money is coming out of everything else or just not going into everything else and going into companies involved in the build-out or the operation of the Internet,'' he said.

Bleier cited gains in stocks such as Redback Networks Inc, up 15-5/8 to 150, BroadVision Inc, up 10-13/16 to 182-13/16 and Qualcomm Inc, up 8-9/16 to 222-1/2.

"It's not really surprising. The Internet has been so strong and now the networking stocks and chips are kicking in, and I think it's going to continue,'' said Bob Kahan, an independent trader in San Francisco.

"We have a lot of earnings from semiconductor stocks this week, and they're going to be strong and make the numbers if not beat them,'' he said.

The trading activity in the rest of the market was subdued due to the holiday closing of the U.S. Treasury bond market for Columbus Day.

"I think for the next three days the market is going to concentrate solely on the earnings,'' said Peter Cardillo, director of research at Westfalia Investments.

Among companies reporting their results were Abbott Laboratories whose stock rose 12/16 to 41-7/16 after its third quarter per share earnings increased to 38 cents from 34 cents a year ago.

Gannett Co Inc rose 11/16 to 72-11/16. The newspaper and broadcasting giant said its quarterly earnings rose 19 percent to a record 74 cents a share diluted.

E.W. Scripps Co declined 1-1/2 to 49-9/16. The newspaper and broadcasting company reported quarterly earnings of 36 cents a diluted share before one-time charges. The First Call consensus estimate was 40 cents.

Knight/Trimark Group Inc lost 3-39/64 to 26-3/8. The securities firm, the biggest market-maker on Nasdaq, said it expects its third-quarter profits to be in the range of 17 to 19 cents a share, well below the consensus forecast of 30 cents per share. The company cited sluggish trading volume, reduced volatility and a new pricing plan for customers.

Tokheim Corp was down 2-3/16 at 4-5/8. The company, which makes equipment used to dispense gasoline and other fuels, said it expects to post a loss for the third and fourth quarters due to merger-related slowdowns in spending by major oil companies.

Global Crossing Ltd fell 1-7/16 to 35-1/16. The company agreed to buy Racal Telecom of Britain in a $1.65 billion transaction. Global Crossing's offer topped that of rival suitor Energis Plc.

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