Technology stocks climbed yesterday on guarded optimism about earnings and a lack of bad news on anthrax, but the broader market finished flat, reflecting the mixed bag of quarterly results outside of the tech sector.
"People are thinking we're seeing a bottom," said Crit Thomas, head of growth equities for National City Investment Management Co. "Some companies aren't revising outlooks down, and orders are looking better for others."
But blue-chip stocks lagged as disappointing news from photographic film maker Eastman Kodak weighed on the Dow, and some investors started to swap assets into tech shares. Kodak shares tumbled $3.46, or 10 per cent, to $30.71 after it warned fourth-quarter profits would likely fall short of Wall Street's estimates.
AT&T also lost altitude after reporting a sharp drop in profits and warned its core telephone business would take a hit through 2002. The stock fell $1.36, or 7.7 per cent, to $16.34. Nextel Communications reported a 30 per cent increase in revenues. Its shares gained $1.29, or 17.4 per cent, to $8.69.
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