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By Kent Larsen
MSI Gives Back Previous Week's Gains On Dell's Drop
NEW YORK, NEW YORK -- After a lower-than-expected earnings forecast from Dell Computer, tech stocks dropped sharply last week, leading the Mormon Stock Index to give back 11%, the same as its previous week increase. In all, four stocks in the index dropped more than 20% each: Dell Computer, Caldera Systems, Ten Fold and Corvis.
Dell's announcement that its earnings wouldn't grow as fast as it has in the past surprised analysts, and its stock dropped nearly 20% just on Friday, the day of its announcement, ending the week down nearly 30%. Dell's fall led investors to reevaluate other stocks, and tech stocks were nearly all down as a result.
Linux software maker Caldera Systems fell 27.5% for the week, as did other Linux software firms after competitor VA Linux announced that sales to software website dot.com customers were sharply lower. Tenfold was also caught in the downturn, falling 25% while fiber optic equipment manufacturer Corvis continued to drop from its unrealistic July IPO price. Its shares were down 20% to a near low of $45.375 a share.
The drop-off left the Mormon Stock Index with only four rising stocks for the week. Led by environmental food packaging manufacturer EarthShell, which rose 6% for the week. Investor interest in EarthShell continues after its successful deal with McDonalds. None of the other three rising stocks, AES Corp., Iomega or Cornerstone REIT, managed to gain much more than 1%.
| Mormon Stock Index | | | 124.4559 | down 11.1560 |
| Company | Symbol | LDS Executive | Closing Price | Change |
| AES Corp. | AES | Roger W. Sant, Chairman | 61.6250 | up 0.3750 |
| Black &Decker | BDK | Nolan D. Archbald, CEO | 35.7500 | down 2.8125 |
| Caldera Systems | CALD | Ransom H. Love, CEO | 3.2188 | down 1.2187 |
| Corvis Corporation | CORV | David Huber, CEO | 45.3750 | down 11.3125 |
| 1-800-Contacts | CTAC | Jonathan C. Coon, President &CEO | 30.0625 | down 5.9375 |
| Dell Computer | DELL | Kevin B. Rollins, Vice Chairman | 23.0000 | down 9.5625 |
| EarthShell | ERTH | Simon K. Hodson, CEO | 3.3125 | up 0.1875 |
| Franklin Covey | FC | Stephen R. Covey, Chairman | 8.8750 | down 0.3750 |
| Fonix | FONX | Steve Studdert, Chairman | 0.6719 | down 0.0781 |
| Hollywood Entertainment | HLYW | Mark J. Wattles, CEO | 2.4531 | down 0.4531 |
| Host Marriott | HMT | Richard Marriott, Chairman | 10.4375 | down 0.1875 |
| I-Link | ILNK | John Edwards, Chairman & CEO | 2.2500 | no change |
| Iomega | IOM | David J. Dunn, Chairman | 6.0100 | down 0.0300 |
| Marriott International | MAR | J.W. Marriott, Jr., Chairman | 38.9375 | down 0.7500 |
| Micrel Semiconductors | MCRL | Ray Zinn, Chairman and CEO | 35.0000 | down 7.1875 |
| Myriad Genetics | MYGN | Christopher L. Wight, VP, General Counsel | 123.1250 | down 4.6250 |
| Novell | NOVL | Stewart Nelson, COO | 8.2188 | down 0.6250 |
| NuSkin | NUS | Most of Management is LDS, including Chairman and CEO | 5.3125 | down 0.1875 |
| Oakley, Inc. | OO | Jim Jannard, Chairman &CEO | 20.3750 | down 1.8125 |
| Ryder Systems | R | Tony Burns, Chairman | 18.1875 | down 0.5625 |
| Cornerstone REIT | TCR | Glade M. Knight, Chairman &CEO | 10.7500 | up 0.1250 |
| Ten Fold | TENF | Gary Kennedy, President and CEO | 2.8125 | down 0.9375 |
| Zions Bancorp | ZION | Harris Simmons, Chairman | 56.0000 | down 1.4375 |
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