Interest Hike Has No Sudden Impact On Tech Stocks - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Interest Hike Has No Sudden Impact On Tech Stocks

The long-awaited interest rate hike by the Federal Open Market Committee caused more market anxiety in its anticipation than its realization.

The increase to 5.25% bore little impact on the technology issues, as the Nasdaq gained 32.80 on more than a billion shares traded to end the day at 2,752.37. The Dow faltered slightly, losing 16.46 to 11,283.30, and the S&P inched up 3.28 to 1363.50.

Leading the InformationWeek 100, a select sample of influential technology companies, was MicroStrategy (MSTR), which rose 3-3/8, or 10.3%, to 36-1/8. Siebel Systems (SEBL) announced a two-for-one stock split early in the day, causing shares to rise 5-3/16, or 8.4%, to 67-1/16.

SGI was the poorest performer on the 100 yesterday, dropping 1-9/16 or 12.6%, to 10-7/8 after company CEO Richard Belluzzo resigned abruptly Monday amid rumors that he was heading for an executive position at Microsoft.

Meanwhile, Microsoft improved 5-3/4, or 6.65%, to 92-3/16, as rivals IBM (IBM) and Sun (SUNW) jointly announced plans to discontinue work on the JavaOS for Business operating system. IBM fell 2-7/16, or 1.96%, to 122, while Sun dropped 13/16, or 1.09%, to 74.

Leading the charge among Internet stocks was Eloan Inc. (EELN), which gained 6-3/8, or 27.3%, to 29-3/4 a day after it acquired Bank of America's 80% stake in online car-loan site CarFinance.com. Amazon.com (AMZN) was up 1-15/16, or 1.43%, to 20-5/16, while eBay (EBAY) fell 5-9/16, or 4.47%, to 118 7/8. America Online (AOL) slid 1/4, or .25%, to 98-3/4.

ERP vendors remained relatively stagnant, with SAP (SAP) slipping 1/8, or 0.39%, to 32-1/4; JD Edwards gaining 11/16 or 4.30%, to 16-11/16, and PeopleSoft closing down 1/16, or 0.43%, at 14-3/8.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
The State of IT & Cybersecurity Operations 2020
The State of IT & Cybersecurity Operations 2020
Download this report from InformationWeek, in partnership with Dark Reading, to learn more about how today's IT operations teams work with cybersecurity operations, what technologies they are using, and how they communicate and share responsibility--or create risk by failing to do so. Get it now!
Slideshows
IT Careers: 10 Industries with Job Openings Right Now
Cynthia Harvey, Freelance Journalist, InformationWeek,  5/27/2020
Commentary
How 5G Rollout May Benefit Businesses More than Consumers
Joao-Pierre S. Ruth, Senior Writer,  5/21/2020
News
IT Leadership in Education: Getting Online School Right
Jessica Davis, Senior Editor, Enterprise Apps,  5/20/2020
Register for InformationWeek Newsletters
Video
Current Issue
Key to Cloud Success: The Right Management
This IT Trend highlights some of the steps IT teams can take to keep their cloud environments running in a safe, efficient manner.
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll