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Tech Industry

Midday Markets: Techs mixed

Techs got off to slow start and were sluggish at midday Monday, rising slightly with the overall relief felt from rebounding bonds. The Nasdaq gained 2.62 to 2,555.27, and the Dow Jones industrial average rose 107.33 to 10,659.89.

Inter@ctive Week's @Net Index dropped 5 to 284.

In the aftermath of Friday, Wall Street's slowest day all year, tech stocks moved marginally on news of acquisitions and agreements.

Among newsmakers today, International Business Machines Corp. (NYSE: IBM) was up 7/8 to 124 after announcing it will cut 1,100 jobs.

Electronics components distributor Avnet Inc. (NYSE:AVT), down 3 1/16 to 44 3/4, plans to acquire Marshall Industries, (NYSE: MI), up 15 1/2 to 35 5/8.

Walt Disney Co. (NYSE: DIS), down 1/8 to 29 9/16, announced plans to revamp its home video unit.

USA Global Link Technologies Inc., agreed to acquire e-commerce development company CVF Technologies Corp. (NYSE:CVF), which was up 1/16 to 6 1/16.

Shares of Avant Corp. (Nasdaq: AVNT) tumbled 1 1/2 to 11 1/2 after a downgrade. Microsoft Corp. (Nasdaq: MSFT) added 9/16 to 85 1/2 and Intel Corp. (Nasdaq: INTC) tacked on 15/16 to 56 1/4 while Advanced Micro Devices Inc. (NYSE: AMD) gained lost 1/8 to 17 1/8.

Lucent Technologies Inc. (NYSE: LU),up 1 1/4 to 64 15/16 said Friday that it and Cisco Systems Inc. (Nasdaq: CSCO), up 5/16 to 61 5/8 have agreed to settle a patent infringement lawsuit. 3Com Corp. (Nasdaq: COMS) inched up 3/16 to 27 1/4.

Vignette Corporation (Nasdaq: VIGN) rose 3 1/4 to 66 3/8 after announcing that Compaq Computer Corp. (NYSE: CPQ), up 1/16 to 22 3/8, has deployed Vignette software to build its next generation online business, Compaq.com. Among other PC-related issues: Gateway Inc. (NYSE: GTW) rose 1/8 to 64 1/4, Dell Computer Corp. (Nasdaq: DELL) fell 1/16 to 36 7/8 and Apple Computer Inc. (Nasdaq: AAPL) moved up 5/8 to 42 15/16.

CNET's Snap.com, (Nasdaq: CNET), even at 50, and Xoom.com (Nasdaq: XMCM), up 5/8 to 46 5/8 will join Clear Channel Communications Inc. (NYSE: CCU), down 1 1/8 to 65 5/8 and e4L Inc. (NYSE: ETV) down 5/16 to 6 7/16 as partners in the recently formed BuyItNow.com L.L.C.

Yahoo! Inc. (Nasdaq:YHOO) fell 1 7/8 to 145 while Amazon.com Inc. (Nasdaq: AMZN) dropped 5 9/16 to 104 5/8. America Online Inc. (NYSE: AOL) shed 1 1/2 to 101 5/16. Other Net notables included: Lycos Inc. (Nasdaq: LCOS), down 13/16 to 91; Infoseek Corp. (Nasdaq: SEEK), down 1 9/16 to 43 7/8; At Home (Nasdaq: ATHM), down 1 1/8 to 50 3/8; and Mindspring (Nasdaq: MSPG),up 1/2 to 39 1/4.

CMGi Inc. (Nasdaq: CMGI) dropped 2 3/8 to 91 7/8.

Oracle Corp. (Nasdaq: ORCL) rose 1/4 to 36, AT&T Corp. (NYSE: T) rose 3/16 to 54 9/16 and Sun Microsystems Inc. (Nasdaq: SUNW) grew 3/16 to 65 1/16.