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Tech Industry

MIDDAY MARKETS: Nasdaq flirts with 3,800

The Nasdaq was in record territory again at midday Friday, approaching the 3,800 mark as a slew of solid quarterly reports kept techs rallying. The Nasdaq Composite Index rose 37.95 to 3,753.01, and the Dow Jones Industrial Average charged up 66.06 to 11,310.95.

The Inter@ctive Week @Net Index leapt 11 to 393.72.

A triple witching day may add extra volatility to techs Friday, as futures, options on indexes and options all expire at the same time.

On the IPO front, C-Bridge Internet Solutions Inc. (Nasdaq: CBIS) leapt 25 5/8 to 41 5/8 after it priced shares at $16 each, above their upwardly revised range. eGreetings Networks (Nasdaq: EGRT) rose 2 1/4 to 12 1/4 after 6 million shares priced at the top of an $8 to $10 range. OnDisplay Inc. (Nasdaq: ONDS) priced its IPO at $28 per share, but had yet to debut.

Microsoft (Nasdaq: MSFT) was up 1 7/16 to 115 1/8, helping keep the Nasdaq over the 3,700 point again on high volume.

Adobe Systems (Nasdaq: ADBE) flew up 5 5/8 to 69 3/8, or 9 percent after releasing fourth quarter earnings above analyst estimates.

Circuit City Stores, Inc. (NYSE: CC) fell 1/16 to 42 1/2 after it said it brought in third quarter earnings of 26 cents a share, in line with First Call's estimate.

Progress Software Corporation (Nasdaq: PRGS) jumped up 6 1/8 to 51 1/2 after it said net income for the fourth quarter was 60 cents a share, a nickel above First Call's expectation of 55 cents a share. The maker of application development and management software also announced a stock split.

Internet company America Online Inc. (NYSE: AOL) rose 3/8 to 86 1/2 after saying that membership to its flagship access service now exceeds 20 million members, having more than doubled in the last two years. Yahoo! (Nasdaq: YHOO) was even at 341 and Excite At Home rose (Nasdaq: ATHM) rose 1/8 to 49 1/8.

Of those that should have been enjoying the holiday rush, Inc. (Nasdaq: AMZN) lost 5/16 to 94 9/16, and Etoys (Nasdaq: ETYS) lost 11/16 to 39 1/4.

Dell Computer Corp. (Nasdaq: DELL) rose 7/32 to 45 5/32, Compaq Computer Corp. (NYSE: CPQ) shed 1/8 to 25 5/8 and IBM Corp. (NYSE: IBM) rose 1 7/16 to 110 5/8.

Cisco Systems Inc. (Nasdaq: CSCO) jumped 1 15/16 to 99 13/16 and Lucent Technologies (NYSE: LU) lost 5/8 to 78 1/16.

Intel Corp. (Nasdaq: INTC) rose 1 11/16 to 81 15/16. Philips Semiconductors (NYSE: PHG) and Avnet Inc. (NYSE: AVT), up 7/16 to 58 9/16 on Thursday entered a global distribution pact that would bring $1 billion in resale revenue through Avnet over the next three years.