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Subject: Nasdaq drops 15 techs from top 100 Author: streets [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 00:00:14 12/16/02 Mon Nasdaq drops 15 techs from top 100 Retailers, industrial firms added `The weight of technology has declined' AMY BALDWIN ASSOCIATED PRESS NEW YORK — It's a sign of the times: As the Nasdaq Stock Market did its annual reshuffling of the Nasdaq 100 Index Friday, technology issues got the boot in favour of safer consumer and industrial companies. "Too much tech got in there and so naturally some has to come out," said Scott Bleier, president of Hybridinvestors.com, a research service. The Nasdaq announced it was removing 15 companies from the index, and 12 of them were technology companies. They were replaced with firms primarily in the consumer, health care and industrial sectors. The changes take place when the market opens Dec. 23. Among issues leaving the index: Chip makers Vitesse Semiconductor Inc. and PMC-Sierra, troubled biotech ImClone Systems Inc., and software maker Rational Software Corp. Stocks being added to the index include: Retailers Ross Stores Inc. and PetsMart Inc., Fastenal Co., an industrial company, and First Health Group Corp. A complete list of the additions and deletions can be found on Nasdaq's Web site. Analysts had expected Nasdaq to drop tech issues in favour of more old-economy companies given the steep declines tech has endured throughout the bear market. Since peaking in 2000, the technology sector's presence in the index has been falling along with tech stock prices. "Literally, in the index, the weight of technology has declined," said Nicholas Gulden, an analyst with Salomon Smith Barney. Stock indices are often reconfigured annually to keep pace with changes in the market. The Nasdaq 100 tracks the largest non-financial companies that trade on the Nasdaq Stock Market. The Nasdaq 100 closed Friday at 1,005.85, down more than 75 percent from its 2000 high. [ Next Thread | Previous Thread | Next Message | Previous Message ]