MIDDAY MARKETS: Techs move up, Dow slips
The Inter@ctive Week @Net Index gained 10 to 273.61.
Nokia (NYSE: NOK) lost more than 10 percent, down 4.56 to 38.56, on growth concerns after the company announced preliminary estimates for 2000 phone sales and global market expectations.
Amazon.com (Nasdaq: AMZN) rebounded at midday, up 0.125 to 15.06, following a preannouncement that showed disappointing top-line growth. Some analysts downgraded the stock, while others saw reasons for optimism in the company's numbers.
Citing a favorable valuation, break-up plans, and a strong wireless business, Morgan Stanley upgraded AT&T (NYSE:T) from "neutral" to "strong buy" and set a price target of $35. The company's stock rose over 10 percent, up 2.125 to 22.19.
America Online (NYSE: AOL) rose 2.55 to 42.58 and Yahoo! (Nasdaq: YHOO) was unchanged at 27.19.
Indian software company Infosys Technologies Ltd. (Nasdaq: INFY) topped analyst estimates by a penny for its third quarter, with revenue rising 120 percent over last year. Shares gained 3.66 to 96.5.
Ditech Communications (Nasdaq: DITC), down 3.66 to 6.97, joined a host of telecom companies after warning that third quarter results would miss estimates due to shipping delays and a slowdown in infrastructure spending.
Cisco Systems (Nasdaq: CSCO) inched up 0.78 to 37.31, Intel (Nasdaq: INTC) gained 0.25 to 32.19, Microsoft (Nasdaq: MSFT) was up 2.75 to 51.69, and Oracle (Nasdaq: ORCL) moved up 1.19 to 31.13.