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MARKET CLOSE: Nasdaq, Dow head in different directions

Investors unloaded more technology shares Thursday as the Nasdaq composite fell 69 points to close at 3,828.87. The Dow Jones industrial average moved up 78 points to finish at 10,765.52.

Rising oil prices, a weak euro and general earnings angst were blamed for another forgettable day of trading on the Street.

"The jitters will continue until the market begins its process of elimination," said Peter Cardillo, director of research at Westfalia Investments. "One to eliminate is earnings, the second is oil prices and the third is the euro."

PC stocks were especially hard hit as Dell Computer (DELL) lost 63 cents to $37.94. Compaq (CPQ) shed 38 cents to $30.81 while Apple Computer (AAPL) and Gateway (GTW) shed $4.36 and $2.65 a share, respectively.

A few initial public offerings got off to decent starts Thursday.

OmniSky (Nasdaq: OMNY) gained $5.64 to $17.64 after it priced its 9.1 million share offering at $12 a share, the top of its $10-12 range Thursday.

TTM Technologies (Nasdaq: TTMI) picked up $4.94 to $20.94 in its IPO Thursday. The maker of printed circuit boards had priced its offering of 7.5 million shares at $16, above its range of $13 to $15, for trading Thursday.

Lernout & Hauspie Speech Products (Nasdaq: LHSP), the Belgian speech technology company, fell $6.13 to $15.13 after the U.S. Securities and Exchange Commission said it is investigating previous financial statements from the company.

Intel (INTC) lost $1.56 to $61.50. Advanced Micro Devices (AMD) shed $2.19 to $27.50 and IBM (IBM) closed up $1.31 to $126.06.

Adaptive Broadband Corp. (Nasdaq: ADAP) shot up $1.31 to $24 after announcing it has signed a five-year, $100 million contract with Fuzion Wireless Communications to purchase AB-Access fixed wireless broadband equipment.

WJ Communications, Inc (Nasdaq: WJCI) moved up $2.44 to $37 after announcing it had signed a multi-year agreement with Cisco (Nasdaq: CSCO) to provide outdoor transceiver units, or ODUs, for Cisco's "New World Wireless Network Ecosystem."

Shares of eBay (Nasdaq: EBAY) dipped $5.38 to $71.19, a day after the company told investors its revenue would hit $3 billion by 2005. (Nasdaq: PPRO) rose $1.88 to $75 after announcing it has declared a two-for-one stock split.

Yahoo! (YHOO) shaved off $1.56 to $108.13. America Online (AOL) added $1.31 to $56.25 while (AMZN) and Lycos (LCOS) picked up $2.56 and 33 cents a share, respectively.

Microsoft (MSFT) trimmed 6 cents to $64.19. Oracle (ORCL) lost $1 to $78.94 and Sun Microsystems (SUNW) finished off $3.25 to $116.44.