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HolidayBuyer's Guide
Tech Industry

MIDDAY MARKETS: Techs revive on earnings

Bargain-hunters were picking up techs for the weekend at midday Friday, as earners led a recovery from Thursday's slump. The Nasdaq Composite Index rose 17.62 to 2657.63, while the Dow Jones Industrial average continued to feel the pull of inflation fears, falling 46.23 to 10745.06.

Inter@ctive Week's @Net Index sunk 0.42 to 282.

Healthy spending and higher-than-expected personal income spurred fears the Federal Reserve policy makers could raise interest rates again at their Aug. 24 meeting. Inflation fears were fed by the government's report that average personal income climbed 0.7 percent, while news that new home sales grew 3.1 percent in June, also helped in sending the sensitive bond market south.

A batch of IPOs were testing the waters. N2H2, Inc.(Nasdaq: NTWO), which filters Internet content for schools, sunk over 3 percent dropping to 12 9/16 Friday morning after pricing 5 million shares at $13.

Digex Inc. (Nasdaq: DGIX), provider of the computer resources to run Web sites, which jumped almost 32 percent, or up 5 3/8 to 22 3/8 was predicted to make a splash.

Net IQ Corp. (Nasdaq: NTIQ) lifted 2 3/4 to 13 3/4 after pricing at $13 a share. WatchGuard (Proposed ticker: WGRD) had yet to begin trading after pricing at $13 a share.

Good earners reaped their rewards as upgrades and investors gave them a pat on the back. BMC Software Inc. (Nasdaq: BMCS) rose 3 15/16 to 52 5/16, or 8 percent after reporting better-than-expected earnings Thursday.

Lam Research Inc. (Nasdaq: LRCX), up 7 11/16 to 54 1/16,soared 15 percent Friday morning on the back of upgrades that trumpeted the company's strong fourth quarter results. Microsoft Corp. (Nasdaq: MSFT) bounded 1 11/32 to 88 9/32, Intel Corp. (Nasdaq: INTC) grew 1 3/4 to 71 1/4, while Advanced Micro Devices Inc. (NYSE: AMD) was steady at 17 1/2.

Network Equipment Technologies Inc (NYSE: NWK), down 1/8 to 9 11/16, said it plans to cut its workforce by 7 percent and take a charge of between $3 million and $4 million against second quarter earnings. Cisco Systems Inc. (Nasdaq: CSCO) picked up 1 1/2 to 63 1/4, 3Com Corp. (Nasdaq: COMS) dropped 3/8 to 24 1/8, and Lucent Technologies Inc. (NYSE: LU) rose 1 1/16 to 66 1/2.

Oracle Corp. (Nasdaq: ORCL) gained 1/8 to 38 3/16, AT&T Corp. (NYSE: T) fell 1/16 to 53 3/8, and Sun Microsystems Inc. (Nasdaq: SUNW) added 1/2 to 68 5/8.

IBM Corp. (NYSE: IBM) rose 1/8 to 125 1/2, Gateway Inc. (NYSE: GTW) gained 3/16 to 77 9/16, Dell Computer Corp. (Nasdaq: DELL) added 7/16 to 41 11/16, and Compaq Computer Corp. (NYSE: CPQ) fell 9/16 to 24 3/16. Apple Computer Inc. (Nasdaq: AAPL) picked up 1 7/8 to 55 3/4.

Internet stocks Yahoo! Inc. (Nasdaq:YHOO) rose 1/4 to 137 1/4, Amazon.com Inc. (Nasdaq: AMZN) sunk 7/16 to 101 1/8. America Online Inc. (NYSE: AOL) was even at 98 3/4. Other Net notables included: Lycos Inc. (Nasdaq: LCOS), down 1 1/4 to 41 7/8, Infoseek Corp. (Nasdaq: SEEK), down 1 1/16 to 39 7/8, Excite@Home (Nasdaq: ATHM), down 3/8 to 46 5/8, and Mindspring (Nasdaq: MSPG) in the red 1/4 to 34 1/8.

CMGi Inc. (Nasdaq: CMGI) gained 1/4 to 93 3/4.