Microsoft, techs lose steam by close
Software giant indicates plans to play hardball on Yahoo offer
By Dan Gallagher, MarketWatch
Last Update: 4:35 PM ET Feb 19, 2008
SAN FRANCISCO (MarketWatch) - Tech stocks reversed course by the closing bell
Tuesday, losing ground as the broad market got spooked by rising oil prices and
some pressure from two telecommunications giants.
After a strong open. the Nasdaq Composite Index (COMP) closed the day down 0.7%
at 2,306 while the Morgan Stanley High Tech 35 Index (MSH) dropped 1.2%. The
Philadelphia Semiconductor Index ($SOX) gave up 1.3% by the close.
The Dow (DJIA), which had jumped up 150 points after the opening bell, lost
steam, closing down nearly 11 points on concerns about high oil prices, as the
price of crude topped $100. AT&T (T) and Verizon (VZ) lost more than 5% each
after the two telecommunications carriers announced flat-rate pricing plans.
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