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Tech Industry

MIDDAY MARKETS: Jobs data sparks rally

    A jobs report that showed lower payroll numbers gave investors cause to celebrate at midday Friday. The Nasdaq rose 79.67 to 4,040.24 and the Dow Jones industrial average climbed 142.49 to 10,623.96.

    The Inter@ctive Week @Net Index rose 5 to 500.12.

    The U.S. jobs market was lackluster in June with private-sector hiring only slightly outweighing large layoffs, the government said on Friday. The small job gains made investors hopeful that the economy is cooling enough that the Federal Reserve won't have to hike rates a seventh time this year.

    A few more profit warnings drove shares down; Applied Microsystems Inc. (Nasdaq: APMC), down 1 3/16 to 5 11/16, said a loss for the second quarter would miss Wall Street estimates.

    Shares in Brio Technology (Nasdaq: BRIO) were cut in half Friday, down 11 19/64 to 8 33/64, after the company said it missed revenue and earnings targets for the first quarter.

    On the IPO front, Internet incubator Divine InterVentures (Nasdaq: DVIN) has had its initial public offering delayed again. Entegris (Nasdaq: ENTG) also delayed until Monday, while French company InfoVista (Nasdaq: IVTA) priced for trading Friday.

    Cisco Systems Inc. (Nasdaq: CSCO), up 11/16 to 65 7/16, will acquire privately-held Netiverse Inc. in a stock deal worth around $210 million.

    Yahoo! Inc. (Nasdaq: YHOO) slipped 5 7/16 to 116 15/16 morning after Deutsche Banc Alex Brown analyst Andrea Williams Rice cut her rating on the stock, along with some other Internet companies. Amazon (Nasdaq: AMZN) rose 7/8 to 36 15/16 and AOL (NYSE: AOL) was up 7/16 to 56 11/16.

    Among other leading tech issues: Intel (Nasdaq: INTC) rose 2 1/2 to 139 1/8, Microsoft (Nasdaq: MSFT) was up 1 19/32 to 82 17/32, Sun Microsystems (Nasdaq: SUNW) was up 2 to 89 1/2 and Oracle (Nasdaq: ORCL) rose 7/16 to 76 1/16.