MIDDAY MARKETS: Sun drags on techs

The Nasdaq held its head above water at midday Friday despite the drag of Sun Microsystems, which fell after cutting its 2001 outlook. The Nasdaq Composite Index rose 5.74 to 2,774.23 and the Dow Jones Industrial Average was off 89.26 to 10,589.02.

The Inter@ctive Week @Net Index rose 1 to 320.54.

Shares of Sun Microsystems (Nasdaq: SUNW) shed more than 13 percent Friday, or 4 to 11.47, a day after the company cut its outlook for 2001. Analysts lowered estimates; a few issued downgrades.

Dell Computer (Nasdaq: DELL) rebounded 6 percent, up 1.63 to 25.81, after an analyst went against the grain and upgraded the stock.

Shares of CMGI (Nasdaq: CMGI) dropped 1.19 to 5.66 after the company said it likely will miss revenue and earnings targets for the current fiscal year.

Commerce One (Nasdaq: CMRC) blasted ahead 5.5 to 27.18 following its fourth quarter report. Most analysts praised the company's surprising momentum and positive outlook, but a few questioned its relationship with SAP and business model. Ariba (Nasdaq: ARBA) rose 0.94 to 38.06.

ADC Telecommunications (Nasdaq: ADCT), down 5.69 to 15.62, dropped more than 26 percent Friday after the company said its fiscal first-quarter earnings would miss estimates due to a sector-wide spending slowdown.

Cisco Systems (Nasdaq: CSCO) gained 0.25 to 42.13, Intel (Nasdaq: INTC) was up 0.81 to 33, Oracle (Nasdaq: ORCL) rose 0.38 to 34.19 and Microsoft (Nasdaq: MSFT) gained 4.31 to 59.81.

Amazon.com (Nasdaq: AMZN) fell 0.44 to 19.06, AOL Time Warner (NYSE: AOL) gained 2.07 to 51.94 and Yahoo! (Nasdaq: YHOO) lost 0.31 to 34.13.