Technology stocks cooled off last week, giving back a lot of the quick gains they'd made in the previous month and knocking a full 2 percentage points off the Washington Post-Bloomberg regional stock index.
The regional index, which represents stocks of more than 200 companies based in the District, Maryland and Virginia, had edged back to its highest level since June the previous Friday, but fell during every one of last week's trading sessions.
Many regional technology stocks hit highs for the year early in the week during a strong run by the whole tech sector that pushed the Nasdaq composite index to a new all-time high by the end of the week.
But the possibility of selling at or near the highs for the year prompted investors to take profits in many of the regional tech companies, driving prices down toward the end of the week.
The week's big winner was Manugistics Group Inc., a Rockville software company, whose stock ran up in anticipation of the strong revenue growth reported when the company issued its quarterly financial results Thursday. Manugistics sharply reduced its loss and posted a 35 percent increase in licensing revenue, which analysts consider the key measure of its growth.
Treev Inc., which has agreed to be acquired by CE Computer Equipment AG of Germany, got a nice boost in its stock. The shares' value now depends on a complex formula that takes into account not only the value of CE shares that investors will get in the merger, but also the value of the euro compared with the dollar.
Credit Management Solutions stock took a pop after that company, which runs a computer system that automatically processes car loan applications, got into a new venture with Bank One Corp. and CarsDirect.com.
The gain in shares of BTG Inc. came after the computer services company agreed to let Heartland Advisors Inc. increase its holdings of BTG stock.
The week's big loser was Spacehab. The satellite services company's stock never seems to stay in orbit no matter what good things happen to the company, which has won a National Aeronautics and Space Administration contract, as well as a Russian space agency deal.