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Tech Industry

MIDDAY MARKETS: JDS Uniphase and GDP spur gains

Good news about JDS Uniphase and the U.S. Gross Domestic Product was keeping techs above water at midday Friday. The Nasdaq Composite Index was up 41.42 to 3,313.60 and the Dow Jones Industrial Average gained 148.72 to 10,528.84.

The Inter@ctive Week @Net Index fell 6 to 512.65.

U.S. economic growth slowed sharply in the third quarter to its weakest pace in more than a year, in a convincing sign that past U.S. interest rate rises are beginning to brake the hard-charging expansion, the GDP report showed Friday.

JDS Uniphase Corp. (Nasdaq: JDSU) shot up 4.62 to 79.06 as analysts praised its first quarter report.

Brooktrout Inc. (Nasdaq: BRKT) dipped 6.94 to 13.31 after missing estimates for its third quarter and getting some downgrades.

Sapient (Nasdaq: SAPE), down 1.25 to 29.75, met analyst estimates in the third quarter, reporting third quarter net income of $16.1 million, or 12 cents per share. Analysts' reactions on the rating of the e-services consultant is mixed.

Homestore.com (Nasdaq: HOMS), up 1.56 to 30.5, will acquire the move.com portal site from Cendant Corp. (NYSE: CD) in a deal worth $761 million.

Shares of NBC Internet Inc. (Nasdaq: NBCI) rose 0.75 to 5.66 in morning trading after the company posted a narrower than expected loss for the third quarter, and predicted a faster than expected path to cash profitability.

Lycos Inc. (Nasdaq: LCOS), up 2.69 to 43.37, said shareholders voted in favor of a merger with the Spanish Internet company Terra Networks SA to create the world's No. 3 Internet access provider.

Amazon (Nasdaq: AMZN) fell 2 to 34.87, AOL (NYSE: AOL) gained 0.68 to 47.38 and Yahoo! (Nasdaq: YHOO) fell 1.44 to 54.56.

Among other leading tech issues: Cisco (Nasdaq: CSCO)dropped 1.81 to 51.75, Intel (Nasdaq: INTC) rose 0.97 to 45.66, Microsoft (Nasdaq: MSFT) was up 2.5 to 66.94, and Oracle (Nasdaq: ORCL) shed 0.38 to 33.68.