NEW YORK (CBS.MW) - Technology stocks may come under pressure Monday, with weakness spreading to the broader market.
December S&P 500 futures slipped 4.10 points, or 0.4 percent, and were trading roughly 8.00 points below fair value. Nasdaq futures, meanwhile, fell 59.50 points, or 2.0 percent, weighed down by a drop in Oracle shares.
Oracle (ORCL: news, msgs), in fact slid $3.81, or 13 percent, to $25 in Instinet dealings. See Indications. Late Friday, Gary Bloom, the company's heir apparent, resigned to become chief executive of Veritas Software (VRTS: news, msgs). Bloom was considered a possible successor to Oracle CEO Larry Ellison after the departure of former chief operating office Ray Lane in June. Read the full story. Ebay (EBAY: news, msgs) lost $2.44 to $41 in Instinet. CMGI (CMGI: news, msgs), which invests in and operates a host of Internet companies, revealed in a filing with the U.S. Securities and Exchange Commission that it had reduced its holding in the online auction site by selling 942,000 shares between July 31 and Oct. 31. See full story.
Ebay also disclosed that it had liquidated stakes in Critical Path (CPTH: news, msgs) and Kana Communications (KANA: news, msgs).
Among other high-tech heavyweights seeing early activity, Cisco Systems (CSCO: news, msgs) slipped 75 cents to $52, Intel (INTC: news, msgs) trimmed 25 cents to $41.25 and Dell Computer (DELL: news, msgs) inched 6 cents lower to $24.88.
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