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Tech Industry

MIDDAY MARKETS: Techs shrug presidential resolution

The markets didn't get much leverage out of the presidential resolution at midday Thursday. The Nasdaq Composite Index fell 25.05 to 2,797.72 and the Dow Jones Industrial Average lost 109.59 to 10,684.85.

The Inter@ctive Week @Net Index fell 4 to 353.69.

Technology stocks were ambivalent on the election outcome, while the Dow sunk after warnings from merging financial firms Chase Manhattan and J.P. Morgan.

Nortel Networks Corp. (NYSE: NT), up 0.94 to 37.38, reassured investors Thursday that it will meet targets for the fourth quarter and fiscal 2000, as well as the first quarter and fiscal year of 2001.

BroadVision (Nasdaq: BVSN) tumbled 0.5 to 21.5 after getting a downgrade from ABN AMRO.

Tektronix Inc. (NYSE: TEK) saw its shares jump 3 to 28 after the maker of electronic testing and measurement equipment easily beat the analysts' estimates for its second-quarter.

IDT Corp. (Nasdaq: IDTC), up 0.13 to 24.18, reported a loss for its fiscal first quarter, down from a profit in the same quarter a year ago.

Internet payment services CyberCash Inc. (Nasdaq: CYCH), up 0.28 to 2, said it will buy privately held Network 1 Financial Corp. in a stock deal.

Fiber optics giant Corning Inc. (NYSE: GLW), up 1 to 73.44, said it will hit the high-end of estimates for fourth quarter earnings and outlined its strategy for long-term growth.

Adobe Systems (Nasdaq: ADBE) fell 8.6 to 57.56 despite the fact that analysts expect it to top estimates in a quarterly report after market close. The company got downgraded to "neutral" by an analyst citing lofty valuation and a tough environment.

Cisco (Nasdaq: CSCO) gained 0.81 to 51.94, Intel (Nasdaq: INTC) rose 0.13 to 35.81, Oracle (Nasdaq: ORCL) rose 1.31 to 29.69 and Microsoft (Nasdaq: MSFT) gained 0.88 to 58.13.

Amazon (Nasdaq: AMZN) was down 0.5 to 23.25 , AOL (NYSE: AOL) gained 0.6 to 49.05 and Yahoo! (Nasdaq: YHOO) dropped 0.06 to 34.81.