Microsoft takes top slot in capitalisation
Finally passes GE to be worth cool $261.2 billion
Yesterday, Microsoft passed GE as the US stock with the greatest market capitalisation -- $261.2 billion, compared with GE's $257.4 billion. The next IT stocks, in 7th and 9th place respectively, are Intel ($144.2billion) and IBM (120.5 billion). BillG's share yesterday was around $57 billion. Symantec had a setback, falling around 15%, after CEO Gordon Banks admitted to an investor conference yesterday that second quarter revenues would be down about $5 million after CyberMedia obtained a temporary restraining order from Judge Fogel, obliging Symantec to discontinue shipments of Norton Uninstall Deluxe. One financial analyst, Rob Owens of Pacific Crest Securities, reduced his second quarter's earnings estimate by 5 cents to 37 cents/share. Following the calling off of the merger between Tellabs and Ciena, both companies shares fell - 16 per cent and 17 per cent respectively. Dell was very active, encouraged by a statement from Kevin Rollins, its vice chairman, that PC sales are expected to increase 15 per cent on the year after an 11 per cent first half increase, suggesting a good second half. Its shares were up 1 5/8 to 59 1/8. AOL put on 3 to 98 and Yahoo gained 4 to 83 7/8, but Amazon.com dropped 2 3/8 to 73 11/16. Motorola rose 3 to 44 3/8 following disclosure of its plans for a set-top box. The Dow ended up 150 points or 2.7 per cent, and Nasdaq 24 points or 1.5 per cent. The Nikkei rose 2.2 per cent. ®
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