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Tech Industry

MIDDAY MARKETS: Nets lead tech retreat

Internet shares were dragging at midday Monday, as techs slumped on The Nasdaq tumbled 17.63 to 2,869.43, and the Dow Jones industrial average retreated 12.98 to 11,015.45.

The Inter@ctive Week @Net Index sank 3.00 to 309.63.

On the broader markets, the U.S. dollar touched lows against the yen not seen in over three years, accompanied by falling bond prices. Investors may also be bracing ahead of the release of more inflation-related data due this week, such as August retail sales on Tuesday and a consumer price report on Wednesday.

Net issues were tumbling across the board. Yahoo! (Nasdaq: YHOO) fell 5 3/8 to 165 1/8, America Online Inc. (NYSE:AOL) dropped 4 3/16 to 92 1/8 and Inc. (Nasdaq: AMZN) shed 1 7/16 to 65 1/16. Lycos Inc. (Nasdaq: LCOS) edged up 5/16 to 45 1/8, while Infoseek Corp. (Nasdaq: SEEK), was down 11/16 to 30 9/16, Excite@Home (Nasdaq: ATHM) down 15/16 to 38 7/8, and Mindspring (Nasdaq: MSPG) down 1 5/8 to 26 3/4. eBay Inc.(Nasdaq:EBAY) dropped 5 3/8 to 152 5/8 and CMGi Inc. (Nasdaq: CMGI) fell 2 1/16 to 87 13/16.

Telecom plays were moving shares, with wireless telephone and semiconductor maker Motorola Inc. (NYSE: MOT), down 4 3/4 to 93 7/8. Motorola declined comment Monday on a published report it is in talks to acquire for $10 billion General Instrument Corp. (NYSE: GIC), down 1 5/16 to 51 3/16.

Bell Atlantic (NYSE: BEL) rose 9/16 to 63 1/16 and U.K.-based Vodafone AirTouch (NYSE: VOD) was up 6 3/4 to 201 9/16, after news the two are discussing a joint venture for their U.S. wireless businesses. AT&T Corp. (NYSE: T) grew 1/8 to 46 and Oracle Corp. (Nasdaq: ORCL) dropped 1 3/8 to 45.

PairGain Technologies Inc.'s (Nasdaq: PAIR) plummeted 1 5/16 to 11 9/16, a 10 percent drop, after it said it expects both revenue and operating earnings for the third quarter of 1999 to fall far below current expectations.

IBM is set to unveil Monday a new line-up of powerful computers designed to manage Internet sites large and small, taking aim at current market leader Sun Microsystems Inc. IBM Corp. (NYSE: IBM) sank 1 3/8 to 133 5/8 and Sun Microsystems Inc. (Nasdaq: SUNW) grew 5/8 to 86 5/16. Gateway Inc. (NYSE: GTW) lost 3/8 to 50 9/16 while Dell Computer Corp. (Nasdaq: DELL) retreated 11/16 to 48 7/8 and Compaq Computer Corp. (NYSE: CPQ) fell 5/16 to 24 7/8. Apple Computer Inc. (Nasdaq: AAPL) shed 1 1/2 to 75 15/16.

3Com Corp. (Nasdaq: COMS) added 1 7/16 to 28 11/16 after it said it will spin off its Palm Computing unit as an independent company.

Cisco Systems Inc. (Nasdaq: CSCO) grew 11/16 to 71 7/16 following an upgrade from Merrill Lynch, which raised its rating from "accumulate" to "near-term buy" and setting a year 2000 price target of $85 a share for the stock. Lucent Technologies (NYSE: LU) shed 1 to 66 7/16.

Microsoft Corp. (Nasdaq: MSFT) fell 1 1/4 to 93 3/4, Intel Corp. (Nasdaq: INTC) dropped 3/4 to 86 5/8, and Advanced Micro Devices Inc. (NYSE: AMD) tumbled 1/2 to 21 3/16.