MARKET CLOSE: Dow, Nasdaq move in opposite directions

Tech stocks slipped a bit Tuesday as the Nasdaq composite lost 47 points to finish at 3,849.48. The Dow Jones industrial average added 38 points to 11,233.23.

"For the last week we've gotten really crushed in tech," said Guy Truicko, portfolio manager at Unity Management. "We got down to a level ... where people start to do some bargain-hunting."

PRI Automation (PRIA) shares tumbled $16.81 to $25.88 after the maker of automation systems and software for chip manufacturing warned it would miss analyst forecasts by a long shot in its fourth quarter.

General Magic Inc. (Nasdaq:GMGC) inched up 16 cents to $7.63 after it said it and SpeechWorks International (Nasdaq: SPWX), down $3.63 to $61, will jointly develop and host voice technology for enterprise, telecommunications and Internet companies.

Telecommunications company Illuminet Holdings (Nasdaq: ILUM) gained $3.94 to $33.50 after announcing it would not proceed with a 4.2 million share offering.

FreeMarkets Inc. (Nasdaq: FMKT) lost $2.75 to $74.75 after it has signed a procurement deal with Microsoft Corp. (Nasdaq: MSFT), off 69 cents to $68.13, giving that company access to FreeMarkets' business-to-business electronic marketplace.

Oracle (ORCL) shed $4.06 to $79.38 and Sun Microsystems (SUNW) shaved off 94 cents to $114.31.

Yahoo! (YHOO) gained 69 cents to $107. America Online (AOL) lost 44 cents to $55.81 while Lycos (LCOS) and Amazon.com (AMZN) gained 56 cents and 31 cents a share, respectively. eBay (EBAY) closed off $2.56 to $62.19.

Among widely held PC stocks, Dell (DELL) shaved off 88 cents to $37.44; Gateway (GTW) inched up 10 cents to $63.01; Apple Computer (AAPL) lost 69 cents to $57.75 and Compaq Computer (CPQ) closed down 63 cents to $31.50.

Intel (INTC) rose 25 cents to $64.94. Advanced Micro Devices (AMD) fell $1.75 to $30.50 and IBM (IBM) closed up 50 cents to $125.
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