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MIDDAY MARKETS: Amazon leads decline

Techs tumbled again at midday Monday, as Amazon reiterated expansion plans. The Nasdaq fell 122.73 to 3,238.28 - and the Dow Jones industrial average shed 12.95 to 10,583.59.

The Inter@ctive Week @Net Index fell 14 to 453.63.

Internet companies were headed south; Amazon (Nasdaq: AMZN) fell 4.19 to 27.37, after CEO Jeff Bezos rejected criticism of the group's expansion strategy amid a sagging share price, saying it would diversify further.

Yahoo! Inc. (Nasdaq: YHOO), was down 3.19 to 78.06, despite announcing it has signed separate enterprise services agreements with Honeywell (NYSE: HON), up 0.13 to 36.63, Applied Materials, Inc. (Nasdaq: AMAT), down 1.88 to 52.31, Intellinex, an eLearning Venture of Ernst & Young LLP, and TCW Group. AOL (NYSE: AOL) dropped 1.83 to 57.3.

Electronic Data Systems Corp. (NYSE:EDS) was Monday's top gaining tech -- shares rose 5.56 to 46.19, or 14 percent after the computer services company won a contract with the U.S. Navy fir $6.9 billion. Other contenders for the contract, IBM (NYSE: IBM) and CSC (NYSE: CSC), were down 8.18 to 68.88 and 1.25 to 114.75, respectively.

N2H2 Inc. (Nasdaq: NTWO), down 0.06 to 1.63, said Monday that results for the fourth quarter will be below expectations. The company now expects a pro forma net loss between 35 and 38 cents a share. First Call Corp. had been industry_list.asp?mode=news&doc_id=ZE505889&pic=Y"expecting a loss of 32 cents a share.

Wind River Systems Inc. (Nasdaq: WIND), up 1.69 to 39.06, said Monday it will buy Rapid Logic Inc., a provider of advanced device management technologies for networking equipment and other intelligent devices.

Other leading tech issues were on the decline: Cisco (Nasdaq: CSCO)dropped 2.41 to 53.78, Intel (Nasdaq: INTC) shed 1.31 to 38.63, Microsoft (Nasdaq: MSFT) fell 1.06 to 54.5, Dell (Nasdaq: DELL) lost 0.31 to 25 and Oracle (Nasdaq: ORCL) shed 0.18 to 67.434.