MIDDAY MARKET: Techs uphold rally

2 min read

Techs rallied at midday Wednesday, optimistic that the outcome of the Fed's meeting would be favorable. The Nasdaq gained 26.74 to 3,165.01 and the Dow Jones industrial average rose 38.30 10719.36 shed 66.31 to 10,860.69.

The Inter@ctive Week @Net Index fell 6 to 512.65.

Network Appliance Inc. (Nasdaq: NTAP), down 16.25 to 80, fell 18 percent Wednesday after the network storage provider forecast slower sales growth along with second quarter results.

Verizon Wireless said Wednesday it will buy Price Communications Corp.'s (NYSE: PR) wireless subsidiary in a stock transaction worth more than $2.06 billion. The deal may be terminated if Verizon (NYSE: VZ) doesn’t manage to complete the IPO of its wireless unit by Sept. 30, 2001. Price Communications was down 0.06 to 21 and Verizon fell 0.94 to 21.

Covad Communications' (Nasdaq: COVD), down 0.78 to 4.59, losses for an already disappointing third quarter increased after it announced changes to previously released results.

ICG's (Nasdaq: ICGE) commerce division and Andersen Consulting's e-procurement venture, ePValue, said they would merge Wednesday to create a comprehensive e-procurement services provider. The new venture will operate under the ICG Commerce name. ICG was up 0.16 to 9.53.

Drkoop.com (Nasdaq: KOOP), down 0.25 to 0.75, posted a loss of $57.9 million for the third quarter, as the company streamlines and reorganizes.

PETsMART Inc. (Nasdaq: PETM), down 0.63 to 3.37, said Wednesday it would absorb PETsMART.com and its losses.

Amazon (Nasdaq: AMZN) rose 1.06 to 30, AOL (NYSE: AOL) fell 0.18 to 49.72 and Yahoo! (Nasdaq: YHOO) fell 1.44 to 58.

Among other leading tech issues: Cisco (Nasdaq: CSCO)rose 0.69 to 53.81, Intel (Nasdaq: INTC) rose 1.19 to 42.13, Microsoft (Nasdaq: MSFT) was up 0.81 to 42.13, and Oracle (Nasdaq: ORCL) rose 0.62 to 29.