Tech Slump Pushes EDS Amid Broad IT Slowdown
The technology downturn drags down Electronic Data Systems as SBC Communications cuts thousands of jobs and EDS reports its largest quarterly revenue yet. Industry experts note long term service contracts create a flywheel, but reduced new bookings and tighter IT spending threaten future gains.
MENTIONED IN THIS ARTICLE
SBC Communications Inc
Electronic Date Systems Corp
EDS
Chuck Hill
Thomson First Call
Nesses
Pirkus
SBC
Dow Falls Below 8000 on Weak Earnings and War Fears
The Dow Jones slipped 230 points to 7942.39, its first close under 8000 in two months, as dismal earnings and broker downgrades, including Morgan Stanley missing estimates by 12 cents, spook investors amid war jitters. Nasdaq fell 35.68 to 1216.45 and S&P 500 declined to 843.32.
MENTIONED IN THIS ARTICLE
NEW Ygre
Dow Jones
Thomas F Lydon Jr
Global Trends Investments
Newport Beach
Calif
Electronic Data Systems
Morgan Stanley
Iraq
Wall Street
Dow
S&p
Standard & Poor
Housing starts dip as mortgage rates hit 32-year low
The Commerce Department reports housing starts at 261 million units in August, down 42.2 percent from July, while 30-year fixed mortgage rates fall to 6.05 percent, the lowest in 32 years. Analysts say lower rates and resilient sentiment may stabilize housing activity despite the downturn.
MENTIONED IN THIS ARTICLE
Washington (Ap
Haus
Frank Nothart
Freddie Mg
Maury Harris
UBS Warburg
Joel Naroff
Naroff Economic Advisors
Freddie Mac
David Seiders
National Association of Home Builders
Midwest
Labor Department
Federal Reserve
Fed
Treasury
Paul O'Neill
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Knight Ridder
Tire Services
Dick Brown
Hasan Pirkul
University of Texas At Dallas
WorldCom Inc
Tragg
Busi
Chicago Mercantile Exchange
America’s Choice
Aber
Wae
Verizonwireless.com
Verizon Wireless
Cations
Fox
Wey
Nequires
The
Chronicle
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