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Tech Industry

MIDDAY MARKETS: Investors absorb new round of reports

A mixed batch of earnings kept the Nasdaq hovering around 2,000 points at midday Thursday. The index rose 15.56 points to 2,075.36.

The Dow Jones industrial average gained 41.58 points to 10,666.78, and the Inter@ctive Week @Net Index fell 12 points to 195.52.

After delaying its earnings report following a terse profit warning on Wednesday, PurchasePro (Nasdaq: PPRO), down 65 cents to $3.40, delivered its first-quarter earnings Thursday morning--and the news wasn't good. The company missed estimates for the first quarter by a wide margin on disappointing sales.

WorldCom (Nasdaq: WCOM), up 88 cents to $20.27, matched analysts' earnings expectations for the first quarter, but saw revenue dip sequentially as its MCI long-distance business struggled.

Shares of PeopleSoft (Nasdaq: PSFT) , shot up $6.07 to $36.00 after the company on Wednesday announced that it beat Wall Street expectations for its first quarter.

Internet service provider Prodigy Communications (Nasdaq: PRGY), up 52 cents to $3.15, said its first-quarter loss narrowed and revenue rose as its subscriber base grew to 3.1 million.

Voice and data services company XO Communications (Nasdaq: XOXO) was up 43 cents to $4.93. It posted a first-quarter loss, but its shares surged after the company revised its agreement to purchase fiber networks and secured a $250 million equity investment that will fund its business into 2003.

Amazon (Nasdaq: AMZN) was up 24 cents to $16.33, AOL Time Warner (NYSE: AOL) gained 86 cents to $50.36 and Yahoo (Nasdaq: YHOO) was up 78 cents to $19.46.

Cisco Systems (Nasdaq: CSCO) rose 28 cents to $16.01, Intel (Nasdaq: INTC) gained 64 cents to $29.68, Microsoft (Nasdaq: MSFT) gained 68 cents to $70.37 and Oracle (Nasdaq: ORCL) gained 45 cents to 17.70.

ZDII staff and Reuters contributed to this roundup.