Technology stocks lost their euphoria over the interest rate cut at midday Thursday, as more stocks were pummeled on profit warnings. The Nasdaq slipped 8.51 to 2608.18 and the Dow Jones industrial average was up 10.68 to 10,956.43.
The Inter@ctive Week @Net Index rose 2 to 300.14.
After jumping up record 14 percent Wednesday, the Nasdaq lost enthusiasm over Fed chairman Alan Greenspan's surprise interest rate cut.
Shares in Inktomi (Nasdaq: INKT) shed 6.63 to 14.88 Thursday after the company warned for its first quarter and was downgraded by a number of analysts.
Engage Inc. (Nasdaq: ENGA), unchanged at 1.13, announced Thursday that it was breaking it off with half of its employees as part of a plan to accelerate profitability, which should now come by the fourth quarter of 2001. Doubleclick (Nasdaq: DCLK) fell 0.63 to 11.69.
BMC Software (Nasdaq: BMCS), which provides software for mainframes, bounced up 5.81 to 21.44 after announcing its third quarter results would beat expectations. Analysts weren't so sure the company and its competitors are out of the woods yet. Computer Associates (NYSE: CA) was also up 4.25 to 25.56.
InSilicon Corp. (Nasdaq: INSN), down 2 to 5.5, said it will fall short of analyst estimates because of the delay of several customer licensing contracts.
Shares of Daleen Technologies Inc. (Nasdaq: DALN) plummeted 1.97 to 2.22 after the company warned of a steeper-than-expected fourth quarter loss and said it would slash about 27 percent of its workforce.
Resonate (Nasdaq: RSNT) shares were more thanhalved, down 7.34 to 3.91, following its fourth quarter warning. Goldman Sachs also dropped the company from its recommended list.
Cisco (Nasdaq: CSCO) gained 1.94 to 43.25, Intel (Nasdaq: INTC) was up 0.06 to 34.28, Oracle (Nasdaq: ORCL) rose 0.63 to 32.63 and Microsoft (Nasdaq: MSFT) was up 1.06 to 49.
Amazon (Nasdaq: AMZN) fell 1.19 to 16.38, AOL (NYSE: AOL) gained 4.55 to 42.05 and Yahoo! (Nasdaq: YHOO) was up 0.16 to 31.09.