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Midday Markets: Techs mixed on Intel downgrade

Tech stocks were mixed amid an Intel downgrade at midday Friday. The Nasdaq drooped 1.44 to 2542.71, and the Dow Jones industrial average slipped 5.07 to 10836.56.

Inter@ctive Week's @Net Index rose 3.09 to 292.54.

Intel (Nasdaq: INTC) was off 3 1/8 at 54 7/8 after Morgan Stanley downgraded it to "market outperform" from "strong buy." Advanced Micro Devices Inc. (NYSE: AMD) gained 5/8 to 19 and other chipmakers were mixed.

Intel's downgrade cast a pall over other PC-related issues: Dell Computer Corp. (Nasdaq: DELL) was off 1/2 to 36, Gateway Inc. (NYSE: GTW) fell 7/8 to 66 3/16, and Compaq Computer Corp. (NYSE: CPQ) dipped 5/8 to 21 7/8. Apple Computer Inc. (Nasdaq: AAPL) moved up 1/4 to 46 5/8 and IBM Corp. (NYSE: IBM) slumped 5/16 to 119 7/8. Microsoft Corp. (Nasdaq: MSFT) rose 5/16 to 83 3/16.

Among Internet stocks, it was all IPOs. Goto.com Inc. (Nasdaq: GOTO) hurdled up 9 1/8 to 24 1/8, leading the parade of initial public offerings. Viant Inc. (Nasdaq: VIAN) leapt 10 to 26, and AppNet Systems Inc. (Nasdaq: APNT) was up 1/16 to 12 1/16. Mail.com (Nasdaq: MAIL), jumped 1 1/2 to 8 1/2, and Streamline.com Inc. (Proposed ticker: SLNE), priced at $10, had yet to debut.

Yahoo! Inc. (Nasdaq:YHOO) jumped 1/2 to 142 3/4 while Amazon.com Inc. (Nasdaq: AMZN) was down 1 9/16 to 111 3/8. America Online Inc. (NYSE: AOL) inched up 9/11 to 111 1/4. CMGi Inc. (Nasdaq: CMGI) gained 2 27/32 to 99 11/32.

Among other newsmakers today, Iomega Corp. (NYSE: IOM) drifted down 9/16 to 3 13/16 after the company warned of a second quarter loss due to slack sales.

General Magic Inc., (Nasdaq: GMGC) jumped up 1 to 4 13/16 to on news of a pairing with Excite at Home Corp. (Nasdaq: ATHM), which also rose 1 5/16 to 52 5/8.

Lucent, was up 5/16 to 61 15/16, after announcing it is prepared to pay between $600 million and $800 million for Nexabit

Oracle Corp. (Nasdaq: ORCL) fell 7/16 to 34 7/16, while Cisco Systems Inc. (Nasdaq: CSCO) was up 3/8 to 117 3/4. 3Com Corp. (Nasdaq: COMS) inched up 1/16 to 28 1/8. AT&T Corp. (NYSE: T) was up 11/16 to 55 1/8, and Sun Microsystems Inc. (Nasdaq: SUNW) skipped 5/8 up to 63 5/16.