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MARKET CLOSE: Techs move higher ahead of earnings barrage

Technology stocks moved higher again Monday as the Nasdaq composite rose 29 points to close at 4,274.74. The Dow Jones industrial average fell 8 points to end at 10,804.27.

"The money still wants the Nasdaq and technology," said Barry Hyman, market strategist for Ehrenkrantz, King Nussbaum Inc. "Growth stocks are the play."

Internet stocks were mixed Monday as Yahoo! (YHOO) closed up 3 5/8 to 131 5/8 while (AMZN) and eBay (EBAY) shed 1 3/8 and 1 a share, respectively. Lycos (LCOS) surged up 8 3/16 to 57 3/8 and America Online (AOL) closed up 3/16 to 62 1/4.

Fiber-optic equipment maker Corning (NYSE: GLW) rose 12 1/4 to 279 1/4 after reporting earnings of $271.1 million, or 94 cents a share.

Silicon Image (Nasdaq: SIMG) fell 12 1/8 to 59 3/16 after it matched earnings estimates and set a 2-for-1 stock split.

Microsoft (MSFT) dropped 3/4 to 78 3/16. Oracle (ORCL) closed unchanged at 76 1/8 and Sun Microsystems (SUNW) picked up 1 7/16 to 96 3/8.

Mercator Software (Nasdaq: MCTR) plunged 36 7/16, or 58 percent, to 26 3/16 after it issued a second quarter profit warning. (Nasdaq: EBKR) gained 3 7/32 to 9 23/32 after it announced second quarter results and said it will reach profitability ahead of schedule.

Intel (INTC) clipped 3/8 to 146 5/16 while Advanced Micro Devices (AMD) and IBM (IBM) gained 7/8 and 1 9/16 a share, respectively.

Veritcal Net (Nasdaq: VERT) shot up 10 29/32 to 62 1/32 after Goldman Sachs analyst Jamie Friedman placed it on the "recommended for purchase list." Qualcomm (QCOM) charged up 6 3/4 to 69 13/16 on news European patent offices upheld the validity of three of its patents covering key features of its Code Division Multiple Access (CDMA) technology.

Among widely held PC stocks, Dell (DELL) moved up 1/2 to 53 9/16; Gateway (GTW) shaved off 1 5/16 to 65 1/16; Apple (AAPL) picked up 5/8 to 58 5/16 and Compaq (CPQ) closed off 1/16 to 27 13/16.