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MARKET PREVIEW: Will the tech slide continue?

Techs will need some big news Thursday to inspire a turnaround, after Wednesday's crash warnings from Mark Mobius. The Dow is set to open significantly lower and Asian and European markets also moved into the red.


Just after Goldman Sachs strategist Abby Joseph Cohen shook markets Tuesday with bearish satements on valuation, emerging markets guru Mark Mobius of the Templeton Fund added his doom and gloom Wednesday.

Mobius warned on Wednesday that recent volatility in Internet stock prices could herald the onset of a global crash. He couldn't predict a time, but said it was drawing near.

Microsoft (Nasdaq: MSFT) is still stretching out its antitrust settlement; its chief executive told employees that it will make more "substantial" concessions in its effort to close the antitrust case, the Wall Street Journal reported.

The software giant also has a deal with British Telecommunications Plc (NYSE: BTY) and AT&T Corp. (NYSE: T). The companies said they will work together on wireless Internet applications for the needs of their customers.

Seagate Technology (NYSE: SEG) will also get some attention after it announced late Wednesday a $20 billion plan to take itself private. It will sell its 33 percent stake in Veritas Software (Nasdaq: VRTS) as part of the plan.

Economic news for the day includes a revised fourth-quarter gross domestic product.

Expect the following technology stocks to be among Thursday's most actively traded issues: Cabletron Systems, Dell, Seagate Technology and Tech Data.

Investors took their profits in the technology sector again Wednesday as the Nasdaq composite slid 189 points to 4,644.68. The Dow Jones industrial average managed to move up 84 points to 11,020.27.

At the Bell

The Dow Jones industrial average may open about 113 points lower. The Standard & Poor's 500 index for June futures contracts was down 15.5 points to 1515 at 7:31 a.m. EST in 24-hour electronic trading.

The Inter@ctive Week @Net Index was down 33 to 636.74.


Asian markets were in the red. The Nikkei 225 lost 1.28 percent to 20,441, Singapore's Strait Times index slipped 2.96 percent to 2,116 and Hong Kong's Hang Seng was down 3.48 percent to 17,467.


European markets were also moving down. London's FTSE 100 dropped 2.08 percent to 6,461. The CAC 40 in Paris slipped 2.71 percent to 6,328 and the Xetra DAX in Frankfurt was down 2.74 percent to 7,649 at 7:11 a.m. EST.

Reuters contributed to this report.