STOCKWATCH

Microsoft's market capitalisation has just reached $203 billion, making it the only company, after General Electric, to exceed the $200 billion mark. Shares in the company rose on 25 February by $3 to close at $85, adding to recent gains following a two-for-one stock split in January.

Microsoft now represents around 60 per cent of the value of the entire software industry, with Computer Associates, the next largest within the sector, valued at $25 billion.

Logica has seen #15.5 million interim pre-tax profit, and sales of #216.3 million in the six months to 31 December both up 46 per cent on the previous period. The computer services group has its sights on overseas acquisitions - particularly in Continental Europe - to achieve its ambition of entering the FTSE-100 within the next three years.

Logica's shares jumped 11 per cent to #13.65 on Wednesday 25 February.

Ingram Micro reported net income of $69 million, for its fourth quarter to 3 January, up from $33.1 million in the same period a year ago. Net sales for the period were $5.1 billion, up from $3.55 billion. For the fiscal year 1997, net income grew 75 per cent to $193.6 million and sales grew 38 per cent to $16.58 billion.

Sema Group's pre-tax profits for the year ended 31 December 1997 were up 28 per cent to #64 million.

Sales at the European services giant grew 22 per cent to #1.13 billion. Analysts believe the results put the company in an ideal position to commence its US acquisition spree, announced last summer.

Tandy has reported fourth quarter earnings for the period ended 31 December, posting net income at $96.2 million, up from a loss of $137.7 million in the same period a year ago. Revenue was down to $1.7 billion from just over $2 billion a year ago. Last month, the company announced it would close 20 per cent of its stores in the UK, blaming the cuts on changes in shopping patterns.

Netscape's board of directors has decided to shift the company's fiscal year to 1 November through 31 October from its previous calendar model, effective immediately.

The company said the change is being made to reflect a focus on enterprise software and services and the buying patterns within that sector, and will allow it to come in line with the major hardware and software vendors that target large customers.