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Tech Industry

MIDDAY MARKETS: IPOs, earnings shine amid dull techs

    Techs slumped at midday Tuesday, as strong earnings reports and rocketing IPOs failed to spark a rally. The Nasdaq fell 53.49 to 2,708.26, and the Dow Jones industrial average lost 121.89 to 10,181.50

    The Inter@ctive Week @Net Index sank 4 to 312.87.

    Though the dollar regained ground against the yen, it continued to slide against the euro. Gold also made market news again, reaching as much as $23 to $306.50 on the Commodities Exchange division of the New York Mercantile Exchange, its highest level since March. Monday it had its biggest daily surge in a decade, gaining $14.

    In economic news, the index of consumer confidence dropped slightly in September for the third consecutive month, according to a report from the Conference Board, a New York-based business research group. The index, which surveys 5,000 U.S. households -- dipped to 134.2 from 136.0 a month earlier.

    Shares in Genesys Telecommunications Laboratories (Nasdaq: GTCI) were up 8 percent, or 3 7/16 to 44 5/16 on high volume after French telecommunications equipment firm Alcatel (NYSE: ALA), down 1 1/16 to 26 1/4, said it would buy Genesys in what was a wise, but pricey move according to analysts.

    Foundry Networks Inc. (Proposed ticker: FDRY) had yet to is debut after pricing its 5 million-share initial public offering at $25, well above its revised range of $22 to $24 a share.

    A batch of IPOs bounded out of the gate. Airgate PCS (Nasdaq: PCSA) rose 8 to 25, or 47 percent, Freeshop.com (Nasdaq: FSHP) rose 4 3/4 to 16 3/4, or 40 percent, ITXC (Nasdaq: ITXC) gained 7 3/8 to 19 3/8, or 61 percent and Medscape (Nasdaq: MSCP) gained 3 to 11, or 37 percent.

    Calico Commerce, which makes e-commerce software for corporations, upped its IPO price range to $16 to $18 from $12 to $14. Shares are tentatively scheduled to price Tuesday night for trading Wednesday. The company was expected to price its 3.93 million share initial public offering Monday night.

    Telecommunications equipment maker Nortel Networks Corp. (NYSE: NT), up 1 15/16 to 49 15/16, unveiled a new networking technology for the Internet which it said will avoid information traffic jams caused by ``Old World'' routers.

    Telecommunications equipment giant Lucent Technologies Inc. (NYSE: LU), down 1 7/16 to 64 7/8 has a horde of deals in the works. On Tuesday, the company announced it had inked fiber optical agreements valued at up to $300 million, and another deal worth $50 million for a network in the Pacific Northwest.

    Cisco Systems Inc. (Nasdaq: CSCO) lost 1 7/8 to 66 1/4 and 3Com Corp. (Nasdaq: COMS) slipped 5/16 to 28 1/2.

    Motorola Inc. (NYSE: MOT) rose 2 1/2 to 89, Bell Atlantic (NYSE: BEL) gained 3/16 to 65 13/16, AT&T Corp. (NYSE: T) lost 7/8 to 42 1/2.

    Apple Computer Inc. (Nasdaq: AAPL) tumbled 2 3/16 to 59 1/8, IBM Corp. (NYSE: IBM) rose 3/8 to 123 3/8 and Sun Microsystems Inc. (Nasdaq: SUNW) lost 1 15/16 to 92. Gateway Inc. (NYSE: GTW) lost 1/4 to 44 11/16, while Dell Computer Corp. (Nasdaq: DELL) dropped 41/64 to 43 27/64. Compaq Computer Corp. (NYSE: CPQ) rose 1/4 to 22 5/8.

    Oracle Corp. (Nasdaq: ORCL) fell 1/16 to 42 1/4. Microsoft Corp. (Nasdaq: MSFT) shed 1 1/4 to 90 3/16, Intel Corp. (Nasdaq: INTC) dropped 1 3/4 to 76 7/16 and Advanced Micro Devices Inc. (NYSE: AMD) shaved off 1/2 to 17 9/16.

    CMGi Inc. (Nasdaq: CMGI) was up 2 1/2 to 95 5/8 after its better-than-expected earnings.

    Yahoo! (Nasdaq: YHOO) lost 2 5/8 to 178 3/4, America Online Inc. (NYSE: AOL) gained 1 7/16 to 102 9/16 and Amazon.com Inc. (Nasdaq: AMZN) lost 5/16 to 62 1/4. Other Net notables included: Lycos Inc. (Nasdaq: LCOS), down 1 5/8 to 46 3/4, Infoseek Corp. (Nasdaq: SEEK), down 1/4 to 29 1/8, Excite@Home (Nasdaq: ATHM), down 111/16 to 36 5/8, and Mindspring (Nasdaq: MSPG) down 1/16 to28 11/16. eBay Inc.(Nasdaq: EBAY) fell 1 7/8 to 136 7/8.