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Microsoft Corp.

Market News: Markets Drop on Profit Taking

Strategic Insights

— 1 min read

In a statement released on July 20, 1999, the Dow Jones Industrial Average closed down 191.23 points to 10,996.45, marking the first drop in a week. The Nasdaq Composite Index also declined 98.11 points to 2,732.18, while the S&P 500 fell 30.55 points to 1,377.10. The declines came as investors took profit after a recent rally in the stock market.

Key Takeaways:

  • The Dow Jones Industrial Average closed down 191.23 points to 10,996.45 on July 20, 1999, marking the first drop in a week.
  • The Nasdaq Composite Index declined 98.11 points to 2,732.18, while the S&P 500 fell 30.55 points to 1,377.10.
  • America Online (AOL) announced the launch of a new free Internet access service, Netscape Online, in response to Freeserve's success in Europe.
  • Microsoft reported the sale of the city guide portion of MSN Sidewalk to Ticketmaster Online-CitySearch, allowing Microsoft to refocus on Internet software and services.
  • Qualcomm Inc. reported second-quarter earnings that smashed analyst estimates, with a net income of 75 cents per share, 12 cents ahead of the consensus estimate.
  • Several IPOs made impressive first-day gains, including Genentech, which rose 31% to close at $127, and Gadzoox, which shot up more than 250%.
  • The company mentioned in the expanded report includes Qwest Communications, Global Crossing, US West, Frontier Communications, Amazon, Cisco Systems, CMGI, Dell, Doubleclick, Ebay, Excite@Home, ETRADE, Inktomi, Intel, Yahoo, Philip Morris, Texas Instruments, Lucent Technologies, SBC Communications, Ameritech, SAP AG, Hewlett-Packard, The Gap, Phelps Dodge, Tellabs, Becton Dickinson, Boston Scientific, Loews Corporation.

Statistics:

  • Dow Jones Industrial Average: -191.23 points to 10,996.45
  • Nasdaq Composite Index: -98.11 points to 2,732.18
  • S&P 500: -30.55 points to 1,377.10
  • Net income per share for Qualcomm Inc.: $0.75
  • First-day gain for Genentech: 31%
  • First-day gain for Gadzoox: more than 250%

Sources:

  • "SmartPortfolio.Com Announces Market News: Markets Drop on Profit Taking"

+ BusinessWire, July 21, 1999

+ http://www.smartportfolio.com

  • "SmartPortfolio.Com Update"

+ http://www.smartportfolio.com/mail-list/maillist.html

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