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MIDDAY MARKETS: Techs continue to slide

Technology stocks sunk again at midday Monday as investors became increasingly concerned about fourth-quarter reports. The Nasdaq Composite Index shed 64.99 to 2,342.66 and the Dow Jones Industrial Average was off 34.77 10,627. 24.

The Inter@ctive Week @Net Index rose 9 to 325.71.

VerticalNet (Nasdaq: VERT), down 1.4 to 3.9, got a thumbs down from analysts Monday as it elected to replace departing CEO Joseph Galli with the company's co-founder and COO, Mike Hagan. Concerns were raised about the possibility that the company could miss estimates for the next quarter.

Analyst reports for New Era of Networks (Nasdaq: NEON), down 2.22 to 3.28, were anything but glowing after the company warned late Friday that it will miss analysts' sales estimates by $18 million and post a huge loss in its fourth quarter. Some analysts lowered ratings, and Goldman Sachs gave up on the stock entirely.

Despite a downgrade, Fairchild Semiconductor's (NYSE: FCS) fourth quarter warning was greeted by cautious optimism by analysts on Monday. Shares were down 0.44 to 14.56.

Broadcom Corp. (Nasdaq: BRCM), up 5 to 92, said it will buy ServerWorks Corp., a supplier of system integrated circuits for servers for about $957 million.

A couple of companies offered positive outlooks for upcoming quarters. Fiber optic firm Global Crossing (NYSE: GX), up 1.5 to 20.44, said it expects to post strong revenue growth in 2001, with earnings between $2.0 to $2.1 billion.

Drugstore.com's (Nasdaq: DSCM) shares jumped 0.5 to 1.75, and as much as 90 percent earlier in the session, after the company said fourth quarter sales would beat analyst estimates.

Cisco(Nasdaq: CSCO) fell 1.25 to 35.38, Intel (Nasdaq: INTC) was off 0.44 to 31.63, Oracle (Nasdaq: ORCL) shed 1.56 to 28.56 and Microsoft (Nasdaq: MSFT) was down 0.59 to 48.53.

Amazon.com (Nasdaq: AMZN) dropped 0.06 to 14.5, America Online (NYSE: AOL) shed 2.29 to 39 and Yahoo! (Nasdaq: YHOO) lost 2.13 to 26.37.