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Tech Industry

MARKET CLOSE: Dow, Nasdaq falter in late trading

Late computer-programmed sell orders eroded what was a nice rally Tuesday as the Dow Jones industrial average fell 4 points to close at 11,135.12 while the Nasdaq composite fell 5 points to end at 2,736.46.

At one point Tuesday, the Dow was up almost 100 points on the heels of last week's decision by the Federal Reserve Board to bump interest rates up one-quarter of a point and move to a "neutral" bias.

Prudential Securities technical research director Ralph Acampora predicted the Dow might move as high as 12,000 to 12,300 by year's end. That's an increase from his previous target of 11,500, but still a "conservative estimate," according to a source cited by Reuters.

Most Internet stocks enjoyed another strong day. Inc. (KOOP) closed up 15 7/8 to 39 1/2 after Internet service provider America Online Inc. (AOL) announced an alliance with the online public health care directory. AOL shares closed up 5 7/8 to 121 1/8 and Excite At Home Corp. (ATHM) moved up 2 3/16 to 57 1/8. Inc. (AMZN) rose 2 15/16 to 127 while Yahoo! Inc. (YHOO) and Infoseek Corp. (SEEK) fell 3 5/8 and 4 1/16 a share, respectively. Lycos Inc. (LCOS) added 4 to finish at 103 13/16.

Cisco Systems Inc. (CSCO) trimmed 3/8 to 66 11/16. 3Com Corp. (COMS) shaved off 1/4 to 26 1/2 and Lucent Technologies Inc. (LU) lost 7/16 to 70 1/4.

Intel Corp. (INTC) inched up 3/8 to 63 7/8 even though analysts can't agree on expected earnings. Advanced Micro Devices Inc. (AMD) shed 1/16 to 17 1/8 and Micron Technology Inc. (MU) shot up 2 11/16 to 45.

Microsoft Corp. (MSFT) fell 2 7/16 to 89 9.16 as investors cashed in some profits. Oracle Corp. (ORCL) inched up 1/4 to 38 11/16 and Sun Microsystems Inc. (SUNW) lost 1 3/4 to 68 5/16.

Global Crossing Ltd. (GBLX) gained 2 1/8 to 42 7/8 after company officials announced it had completed its $850 million acquisition of Cable & Wireless Plc's undersea cable unit.

Metricom Inc. (MCOM) soared up 7 1/4 to 35 1/8 on the strength of a $600 million investment from MCI WorldCom Inc. (WCOM) and Paul Allen's Vulcan Ventures.

Among widely held PC stocks, Dell Computer Corp. (DELL) shaved off 1/8 to 37; Gateway Inc. (GTW) added 9/16 to 62 1/16; Compaq Computer Corp. (CPQ) rose 1/8 to 23 3/8; Apple Computer Inc. (AAPL) tacked on 1 1/16 to 47 3/8 and International Business Machines Corp. (IBM) closed off 1 ? to 131.

Applied Microsystems Inc. (APMC) closed off 7/8 to 3 1/4.