Technology Stocks Tumble

Electronic News, March 12, 2001

SEMICONDUCTOR AND TECHnology stocks plunged in afternoon trading Friday, following Intel Corp.'s bombshell announcement Thursday that it is cutting back by 5,000 jobs and further lowering its first-quarter earnings projections. (See "Troubled Intel Trims Workforce," Page 1.) A slew of others also announced revised financial outlooks, including Cypress Semiconductor Corp.

and Fairchild Semiconductor International Inc. The Nasdaq was down more than 123 points by press time Friday and the Dow Jones Industrial Average had dipped 203 points. Intel (nasdaq: INTC) was trading down 11.3 percent at $29.50, Advanced Micro Devices Inc. (nyse: AMD) was trading at 23.45 per share, down 9.8 percent; Texas Instruments Inc. (nyse: TXN) was at $32.84, down 5.6 percent; Broadcom Corp. (nasdaq: BRCM) was trading at $39.23, down 4.43 percent; and Analog Devices Inc. (nyse: ADI) was at $39.67, down 4.29 percent. Capital equipment and test companies weren't faring any better. Applied Materials Inc. (nasdaq: AMAT) was down 6.6 perc ent to $47, Agilent Technologies Inc. (nyse: A) was down 5.8 percent to $37.70 and Novellus Systems Inc. (nasdaq: NVLS) was down 8.4 percent to $42.38.