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Tech Industry

MIDDAY MARKETS: Techs move up, Dow slips

    The Nasdaq moved higher at midday Tuesday while the Dow slipped on news from Nokia. The Nasdaq Composite Index rose 52.15 to 2,448.07 and the Dow Jones Industrial Average moved into negative territory, losing 6.51 to 10,614.84.

    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.