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Techs were in a slump at midday Thursday despite the IPO comeback, while old economy stocks continued to gain ground. The Nasdaq shed 57.52 to 3,587.44 and the Dow Jones industrial average climbed 22.28 to 10,792.02.

The Inter@ctive Week @Net Index fell 11 to 467.77.

Fiber optic components maker New Focus (Nasdaq: NUFO) wasl leading the IPO comeback parade Thursday, up 23 134 to 43 3/4, of 118 percent.

iBeam Broadcasting (Nasdaq: IBEM), a provider of streaming media broadcast delivery services, priced 11 million shares at $10, but had yet to trade. Nogatech (Nasdaq: NGTC) fell 1 to 11 after it priced via dutch auction at $12 a share.

Long-distance telephone companies WorldCom Inc. (Nasdaq: WCOM), down 1 3/8 to 40 5/8 and Sprint Corp. (NYSE: FON), down 1 13/16 to 56 3/16 said they remain confident their $115 billion merger will win regulatory approval despite published reports that antitrust officials believe the deal would harm consumers and should be blocked.

Lycos (Nasdaq: LCOS) revived 5 1/64 to 62 5/8 on good earnings news.

JDS Uniphase Corp. (Nasdaq: JDSU), down 1 5/8 to 90 7/8bumped up its revenue estimates for the fiscal year Thursday. The company also announced the retirement of CEO Kevin Kalkhoven.

Covad Communications Group Inc. (Nasdaq: COVD) was up 3 to 27, or 13 percent, again Thursday on rumors it could be a buyout target.

Sequoia Software (Nasdaq: SQSW), up 7/16 to 8 15/16, which went public last week, reported Thursday a first quarter loss of $4.4 million on sales of $4 million (Nasdaq: SLNE) , down 1/16 to 2 3/4 said it has hired an investment bank to help it raise money and explore other "strategic alternatives."

Microsoft (Nasdaq: MSFT) fell 5/16 to 67 3/8 after the Justice Department and 19 states defended their proposal to break up the software maker.

Among other leading tech issues: Dell (Nasdaq: DELL) lost 1/2 to 48 5/8, Intel (Nasdaq: INTC) was up 1 5/8 to 124 13/16, Cisco (Nasdaq: CSCO) fell 1 3/4 to 56 1/4, Sun Microsystems (Nasdaq: SUNW)fell 2 1/8 to 84 3/16 and Oracle (Nasdaq: ORCL) was down 1 15/16 to 76 1/4. Inc. (Nasdaq: AMZN) lost 1 3/8 to 59 5/8, Yahoo! (Nasdaq: YHOO) fell 2 3/16 to 135 5/8 and America Online Inc. (NYSE: AOL) dropped 15/16 to 55 13/16.
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