Technology stocks fell yesterday as Level 3 Communications became the latest company to blindside investors with a profit warning, driving the Nasdaq composite index to a losing streak unseen in six months.
The Nasdaq fell 39.81 points to 1,988.62, its first close below 2,000 since April 17 and the seventh-straight down session, a losing streak unseen since December, 2000, according to MarketHistory.com.
But the Dow Jones industrial average rose 21.74 points to 10,645.38, on the strength of General Motors and United Technologies while the benchmark Standard & Poor's 500 fell 5.93 points to 1,208.43.
Level 3, which provides high-speed communications services to businesses, cut its financial targets through 2002 and plans to eliminate 1,400 jobs, or 24 per cent of its workforce, due to the slowing US economy and delayed purchases by customers. The shares fell nearly 22 per cent, or $1.65, to $5.97.
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