Another batch of profit warnings depressed techs at midday Monday. The Nasdaq tumbled 57.86 to 3,777.37 and the Dow Jones industrial average shed 66.31 to 10,860.69.
The Inter@ctive Week @Net Index fell 6 to 512.65.
Federal Reserve Chairman Alan Greenspan said on Monday there was no sign that the explosion of innovation that has transformed the financial industry in recent years was coming to a close.
Allaire Corporation (Nasdaq: ALLR), down 6.25 to 11.25, warned Monday that its third quarter 2000 financial results would be below expectations -- the company now expects to lose up to 20 cents a share, a big turn-around from First Call's expected profit of 7 cents a share.
ICG Communications, Inc. (Nasdaq: ICGX), down 2.31 to 1.59, said slower growth and service problems forced it to issue a revised outlook, trimming estimates for revenues and earnings into 2001. Despite a reduction in expenditures under the revised plan, the company still needs funding, and is exploring strategic alternatives.
Net2Phone Inc. (Nasdaq: NTOP), down 3.16 to 30.66, announced Monday it has formed a new company for network management software for Voice over IP, Adir Technologies. Cisco Systems, Inc. (Nasdaq: CSCO), down 1.44 to 61.31, has purchased a minority equity interest in the new company.
Reseller Merisel Inc. (Nasdaq: MSEL), up 0.06 to 1, is selling its open computing alliance unit to distributor Arrow Electronics (NYSE: ARW) for $110 million in cash, the companies said Monday.
Circuit City Stores Inc. (NYSE: CC), up 1 to 25.63 matched analyst expectations for the second quarter, but profits dropped 25 percent.
A change of ownership at its biggest customer has forced Telaxis Communications Corp. (Nasdaq: TLXS), down 4.44 to 7.31, to lower estimates for the third and fourth quarters of the year.
Marchfirst Inc. (Nasdaq: MRCH), down 0.81 to 17.88, Women.com (Nasdaq: WOMN), unchanged at 3, and 1-800-Flowers.com (Nasdaq: FLWS), unchanged at 5.75, all named new chief financial officers Monday.
Amazon (Nasdaq: AMZN) rose 0.31 to 43.94, AOL (NYSE: AOL) gained 1.75 to 57 and Yahoo! (Nasdaq: YHOO) fell 1.31 to 104.56.
Among other leading tech issues: Cisco (Nasdaq: CSCO) dropped 1.5 to 61.25, Intel (Nasdaq: INTC) rose 0.38 to 57.88, Microsoft (Nasdaq: MSFT) was down 0.56 to 63.63, and Oracle (Nasdaq: ORCL) shed 1.66 to 76.66.