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Tech Industry

MARKET CLOSE: Techs shrug off imposing GDP numbers

    Technology stocks continued their seesaw-like performance of late as the Nasdaq composite hustled up 144 points to 3,774.95. The Dow Jones industrial average finished off 57 points to 10,888.10.

    The Nasdaq managed to shrug off a pair of important economic reports that could presage gloom for markets and interest rates.

    "The idea is that interest rates will affect the old-economy companies more, because they are more interest rate sensitive," said Barry Hyman, market strategist for Ehrenkrantz, King Nussbaum. "You will probably have less of an effect on technology stocks. And there is a lot of bargain- hunting going on. I think investors are a little more comfortable coming into these blue chips down 30 percent."

    Intel Corp. (INTC) led the semiconductor higher, closing up 4 1/2 to 125 5/16. Advanced Micro Devices Inc. (AMD) added 2 to 84 1/4 and IBM Corp. (IBM) closed off 1/16 to 110 7/16.

    Dell Computer Corp. (DELL) rose 1 3/4 to 51 3/4. Gateway Inc. (GTW) trimmed 3/16 to 55 while Apple Computer Inc. (AAPL) and Compaq Computer Corp. (CPQ) gained 5 7/16 and 7/16 a share, respectively.

    Network Solutions (Nasdaq: NSOL) gained 20 9/16 to 135 15/16 after it reported strong first quarter earnings of $14.7 million, or 20 cents a share, on sales of $98.2 million.

    Yahoo! Inc. (YHOO) moved up 5 3/16 to 124 5/16. America Online Inc. (AOL) gained 1/4 to 60 1/4 and Amazon.com Inc. (AMZN) fell 5/8 to 52 7/8 after beating estimates by a penny a share in its latest quarter. Lycos Inc. (LCOS) moved up 3 1/4 to 41 1/4 and eBay Inc. (EBAY) finished up 12 11/16 to 161 15/16.

    MCI Worldcom (Nasdaq: WCOM) slid by estimates in its first quarter on booming revenue due to growth in data, Internet and international sales and declining access costs. Its shares closed up 4 1/2 to 45 3/8.

    Microsoft Corp. (MSFT) finished up 1 13/16 to 63. Oracle Corp. (ORCL) added 5 1/8 to 77 5/16 and Sun Microsystems Inc. (SUNW) closed up 3 7/16 to 93.

    Among widely held networking stocks, Cisco Systems Inc. (CSCO) tacked on 2 1/4 to 69; Lucent Technologies Inc. (LU) rose 1/8 to 64 3/8 and 3Com Corp. (COMS) closed up 1/8 to 38 7/8.>