Dow index adds 3 points oils fall

Industrials within 23 points of erasing that 554-point tumble

November 06, 1997|By BLOOMBERG NEWS

NEW YORK -- Better-than-expected profits at Cisco Systems Inc. boosted computer networking companies' shares yesterday, while expectations of falling crude prices hurt oil producers.

The Dow Jones industrial average rose 3.44 to 7,692.57, eking out gains for a second day and coming within 23 points of wiping out the 554-point loss it suffered Oct. 27. At its high yesterday, the Dow was up 76 points.

KLA-Tencor rose 62.5 cents to $52.3125, a day after the company said customers in Asia haven't canceled orders.

The Standard & Poor's 500 index rose 2 points to 942.76, and has recouped last week's losses.

Oil issues were weak amid talk that the Organization of Petroleum Exporting Countries would vote to raise export limits at its meeting in Jakarta later this month. Chevron Corp. fell $1.4375 to $84.75 and Exxon Corp. lost 68.75 cents to $61.875.

The Nasdaq composite index rose 6.18 to 1,637.33, on the strength in smaller shares. The Nasdaq 100 index, a measure of the performance of Nasdaq's top 100 stocks, fell 0.69 to 1,046.93.

Among other broad market indexes, the Russell 2,000 index of small capitalization stocks added 2.45 to 444.76; the Wilshire 5,000 index, comprising stocks on the New York, American and Nasdaq stock exchanges, climbed 29.05 to 9,125.63; the American Stock Exchange composite index rose 1.98 to 690.35; and the S&P 400 mid-cap index gained 2.66 to 327.12.

Some 1,697 stocks rose and 1,206 fell on the New York Stock Exchange. About 581.9 million shares changed hands, above the three-month daily average of 551 million.

Cisco Systems jumped $2 to $85.4375 after it reported late Tuesday that fiscal first-quarter profit rose 30 percent, topping estimates. The company said it got a boost from a host of new products.

Applied Materials Inc. rose $1.375 to $38.75 yesterday; Micron Technology Inc. jumped 62.5 cents to $28.4375; Sun Microsystems rose 62.5 cents to $37.50; America Online Inc. rose $1 to $79.8125; and Silicon Valley Group Inc. fell 25 cents to $30.

Drug stocks rallied. Eli Lilly & Co. rose 87.5 cents to $67.125; Pfizer Inc. gained $1.875 to $73.75; and Bristol-Myers Squibb Co. rose $1 to $93.

Sunrise Assisted Living Inc. climbed $3.125 to $39.50 after the seller of support services for the elderly reported third-quarter profit that topped forecasts by 2 cents.

Rational Software Corp. rose $1.6875 to $11.5625, and National-Oilwell Inc. gained $4.0625 to $84.75.

Xpedite Systems Inc. rose $2.375 to $27.50 after Premiere Technologies Inc. offered to buy the company for $406.3 million in stock and assumed debt, or $30 a share, topping a $23.35-a-share offer from an investment group that includes Xpedite executives.

Luxottica Group SpA's ADRs dropped $1.0625 to $63.50. Andrea Ruggeri of Goldman, Sachs & Co. cut the firm's recommendation on the maker of eyeglasses to "market perform" from "market outperform."

Kelly Services Inc. dropped $1.50 to $31 a day after the personnel-services company said its earnings growth rate could decline to between 4 percent and 6 percent in each of the next two years from a rate of more than 10 percent so far in 1997.

Pub Date: 11/06/97

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