Wall Street Technology shares close up on quarter-end portfolio adjustments

SAN FRANCISCO (AFX) - Prices of technology shares recovered from earlier losses to close higher in a relatively quiet session, with trade dominated by portfolio managers making end-of-quarter changes to their positions, dealers said.	    Aside from institutional moves, investors generally remained on the sidelines, concerned that the new quarter will offer little to boost the prospects of a tech sector which has seen its worst ever three-month period, they said.	    The Nasdaq composite ended up 19.68 points at 1,840.25 while the Nasdaq 100 closed 10.19 higher at 1,573.33.	    The Philadelphia Semiconductor Index closed down 24.96 at 545.04.	    In the wider market, the DJIA finished 79.72 higher at 9,878.78 while the S&P 500 index closed up 12.39 at 1,160.34.	    "Today's rally was chiefly due to the window dressing we typically see from portfolio managers at the quarter's end. There is nothing to read from this," said James Volk, a trader with DA Davidson & Co.	    "This market is still very much in trouble and there is mounting speculation that we are going to get a raft of profit warnings next week." 	    No major earnings releases are scheduled for next week, though traders said some high-profile pre-announcements could come as early as Tuesday.	    Sun Microsystems was among the biggest gainers, closing up over 4.5 pct, or 0.67 at 15.37 while Oracle moved up 0.46 to 14.98.	    Hewlett Packard was up 0.63 at 31.27.	    Among the major fallers were chip stocks, with sentiment in the sector hit by negative comment on Micron Technology, which released second quarter figures yesterday.	    Despite the computer memory chip maker's better-than-expected second quarter losses of 1 cent a share, sector watchers were concerned that the company gave no forward-looking guidance. 	    They were also cautious on the outlook for the PC market and worried about the build-up of inventory at the chipmaker, which grew 11 pct to 120 days worth at the end of February.	    "We believe the high inventory level coupled with a weak PC market will pressure results," said analysts at Morgan Stanley, who cut their full-year profit forecasts for the group by 3 cents to 57 cents a share.	    Lehman Brothers' Dan Niles cut his 2001 profit estimates for the company to 35 cents a share from 50 cents.	    Micron shed 8.22 pct, or 3.72, at 41.53 while Intel lost 1/4 at 26-5/16.	    Advanced Micro Devices was 1.76 lower at 26.54. 	    In the semiconductor equipment sector KLA-Tencor Corp shares fell sharply as Josepthal & Co analysts reiterated their 'reduce' rating on the company and cut its third and fourth-quarter estimates.	    Its shares closed down 2-5/16 at 39-3/8.

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