SILICON VALLEY STOCKS FALL TO 8-WEEK LOW.Byline: David Simons David Simon can refer to:
A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. Business News Stocks of Silicon Valley companies sank to an eight-week low, led by Seagate Technology (company) Seagate Technology - A major manufacturer of hard disk drives, founded in 1979 as "Shugart Technology" by Alan F. Shugart and Finis Conner. That name is on the original patents for the 5.25" hard disk drive. Inc., which fell on news the disk drive maker was stuffing the distribution channel with excess inventory. The Bloomberg Silicon Valley Index dropped 1.57 to close at 173.32, its seventh drop in the last nine sessions. The index, a price-weighted A price-weighted index is an index where the constituents are included based on their price. For a stock market index this implies that stocks are included in proportions based on their quoted prices. list of 53 high-technology companies, has fallen 12 percent since reaching a 52-week high of 196.39 on May 20. Seagate posted the biggest loss, dropping 2 to a six-month low of 45-7/8. Computer Reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. News reported that Seagate's distributors are charging the company with forcing them to take inventory 30 percent above their usual stock. The company confirmed it was asking distributors to increase their orders. ``It's just another shoe to drop after last week,'' said analyst Roxane Googin of Gruntal & Co. ``Orders have slacked off, and everybody's reacted immediately to it.'' Last week, Quantum Corp. said its earnings for the quarter ending June 30 would miss analysts' expectations, reflecting sluggish sales throughout the disk drive industry. In addition, executives at several disk drive companies, including Seagate, have recently sold shares. Insider sales may reflect a belief by executives that share prices will soon drop. Other stocks that fell included Informix Corp., which lost 1-1/2 to 21. Informix designs database software. Maxim Maxim (măk`sĭm), name of a family of inventors and munition makers. Sir Hiram Stevens Maxim, 1840–1916, was born near Sangerville, Maine. Integrated Products Inc. fell 1-1/2 to a two-month low of 28-1/2. Maxim was one of several semiconductor companies that continued to struggle after enjoying a brief rise last week, when an industry report revealed an increase in demand for computer chips. |
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