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Tech Industry

MIDDAY MARKETS: Techs continue slide

    The sell-off deepened at midday Tuesday, as expectations of Cisco's quarterly report weren't enough to counteract valuation and interest rate concerns. The Nasdaq fell 60.03 to 3,609.35 and the Dow Jones industrial average shed 3.35 to 10, 600.28.

    The Inter@ctive Week @Net Index lost 10 to 470.62.

    Investors were holding back ahead of next Tuesday's meeting on interest rates. Trading volume was light, and techs continued to decline, a signal that investors now expect an aggressive half-point rate hike.

    Optimism about Cisco's (Nasdaq: CSCO) earnings weren't enough to reverse the damage done Monday by a Barron's article, which questioned the company's valuation. Cisco was down 1 3/8 to 61 3/8. Lucent (NYSE: LU) was down 1 1/4 to 56 13/16.

    PSINet (Nasdaq: PSIX) rose 1 5/16 to 25 5/8 after it reported a first-quarter loss of $1.06 a share.

    Other earnings included reports from Microvision (Nasdaq: MVIS), down 1 3/8 to 32 9/16, Convergent (Nasdaq: CONV), down 7/32 to 7 1/2, and CBSI (Nasdaq: CBSI), down 3/16 to 20 7/16.

    EarthLink (Nasdaq: ELNK), rose 13 percent, and was up 1 5/16 to 18 5/16 at midday. Sprint said it will buy 26 million shares of EarthLink.

    3Com (Nasdaq: COMS) gained 4 3/16 to 47 7/8, but spin-off Palm (Nasdaq: PALM) fell 3 1/2 to 28 3/4 after 3Com announced it would repurchase up to $1 billion of stock, and complete its Palm spin-off July 27.

    QLogic (Nasdaq: QLGC), down 11 1/16 to 63 11/16, continued to slide following news it will buy Ancor (Nasdaq: ANCR), down 5 7/8 to 32 5/16.

    Microsoft (Nasdaq: MSFT) fell 13/16 to 69, Sun Microsystems (Nasdaq: SUNW) was down 3 47/64 to 81 41/64, Dell (Nasdaq: DELL) lost 1 1/2 to 46 7/16 and Intel (Nasdaq: INTC) dropped 1 1/2 to 116.

    IBM (NYSE: IBM), which has its annual analyst meeting Tuesday, was down 1 3/8 to 108 3/8.

    Amazon.com Inc. (Nasdaq: AMZN) fell 1 53/64 to 54 3/16, Yahoo! (Nasdaq: YHOO) shed 3 1/4 to 117 1/2 and America Online Inc. (NYSE: AOL) lost 1/4 to 54 15/16.


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