News Burst: Markets punish PC makers
Published: 25 Jul 2000 11:02 BST
The stock markets hammered PC manufacturers Monday, as new data on worldwide PC growth increasingly suggested that 1999's tremendous demand was a Y2K-inspired anomaly.
The US and Europe came in at the bottom of the table for year-on-year sales growth, according to information from several analysis firms.
Dell Computer closed down 5-60/64 to 46-7/16 and Apple Computer fell 4-7/8 to 48-11/16. The American Stock Exchange Computer Hardware index finished down 4.42 percent at 407.54.
Hewlett-Packard fell 5-3/16 to 118-13/16 in composite New York Stock Exchange trading. In other NYSE trading, Gateway fell 4-1/4 to 58-5/8, Compaq Computer fell 13/16 to 26-15/16 and International Business Machines fell 2-1/4 to 112-1/2.
European PC sales in the April-June period were only 7.3 percent higher than the same quarter a year ago, according to market researcher Context. That was even weaker than the first quarter of the year, when sales were up only eight percent from the previous year.
"[For Europe] it's the worst quarter ever," said Jeremy Davies of Context.
More details to follow.
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