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Tech Industry

MARKET CLOSE: Earnings concerns take down techs

    Continued earnings worries drove stocks lower Friday.

    The tech-heavy Nasdaq Composite Index fell 119.90 to 3,978.45. The S&P 500 dropped 8.01 to 1,494.50. The Dow Jones Industrial Average retreated 39.22 to 11,220.65.

    Inter@ctive Week's @100 Index slid 88.55 to 4,353.52.

    "There is great uncertainty about corporate earnings," said Pierre Ellis, senior economist with Primark Decision Economics.

    Shares of Yahoo (Nasdaq: YHOO) and DoubleClick (Nasdaq: DCLK) slid following an SG Cowen report that suggested online advertising growth may be headed for a permanent slowdown. Yahoo fell 2 13/16 to 104 1/8 and DCLK slid 2 9/16 to 33 11/16.

    National Discount Brokers Group, Inc.(NYSE: NDB), down 8 to 27 13/16, warned that it expects to report a loss for the upcoming quarter, reversing the the Street's projection for a profit of 9 cents per share.

    Kulicke & Soffa (Nasdaq: KLIC) dropped 1 3/8 to 15 11/16 after the company's CEO told investors that its September quarter would dip sequentially.

    Mpower Communications Corp. (Nasdaq: MPWR), down 3 7/16 to 8 7/8, after it announced revised forecasts for the remainder of the year, and a charge of up to $13 million to reorganize its business.

    Commerce One (Nasdaq: CMRC) was the only gainer among the 10 most active Nasdaq issues. The company's shares rose 7/8 to 71 3/8, adding to yesterday's gains following the announcement of an expansion of an alliance with Intershop.

    Scient (Nasdaq: SCNT) saw some positive news; the stock was up 6 1/4 to 27 after an upgrade from William Blair helped convince the markets it shouldn't be lumped in with other crumbling Internet consultants. Viant (Nasdaq: VIAN) fell 11/32 to 7 17/32 and iXL (Nasdaq: IIXL) was unchanged at 6 7/16.

    Teen site iTurf (Nasdaq: TURF), up 1/8 to 1 7/8, managed to best analysts' estimates for the second quarter, posting a narrower-than-expected loss, pushed partially by increased ad sales.

    Dot-com layoffs aren't just a U.S. trend. (Nasdaq: IASIA), down 3/8 to 3 5/8, said Friday that it was letting go of 50 workers in its eight Asia-Pacific offices.
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