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MIDDAY MARKETS: Compaq and Qwest earnings lift techs

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The Nasdaq moved higher at midday Wednesday after a series of positive earnings reports helped buoy techs. The Nasdaq rose 46.18 to 2,886.57 and the Dow Jones industrial average was up 21.15 to 10,670.96.

The Inter@ctive Week @Net Index rose 12 to 342.18.

Qwest Communications International Inc. (NYSE: Q), up $1.63 to $46.25, beat expectations and is on track for upcoming quarters thanks to strong growth in its Internet and data business.

Lucent (NYSE: LU) unveiled the first installment of its restructuring plan designed to shave $2 billion in expenses. The company cut 10,000 jobs Wednesday and said it would take a hefty charge in its second fiscal quarter. Shares rose $0.88 to $19.69.

Compaq (NYSE: CPQ) was up $2.29 to $22.33, or 13 percent, after it topped estimates and maintained its outlook for 2001. Dell (Nasdaq: DELL), up $0.63 to $27 and Gateway (NYSE: GTW) was up $1.06 to $23.21.

Network Appliances (Nasdaq: NTAP) was off $9.78 to $63.78 after a downgrade from Goldman Sachs. The brokerage raised concerns that expansion into new markets may not be enough to offset slowing growth in the telecom and dot-com markets.

Shares of online services provider Digital River (Nasdaq: DRIV) jumped $1.53 to $9.03 after the company reported a strong quarter. The company also sees profitability in the fourth quarter.

Internet Security Systems (Nasdaq: ISSX), up $4.63 to $75.87, beat analyst estimates for its fourth quarter and fiscal year and raised its outlook for 2001.

Cisco (Nasdaq: CSCO) was unchanged at $42.63, Intel (Nasdaq: INTC) was up $1.25 to $36.63, Oracle (Nasdaq: ORCL) fell $0.38 to $31.09 and Microsoft (Nasdaq: MSFT) rose $2.31 to $62.87.

Amazon (Nasdaq: AMZN) rose $1.63 to $20.56, AOL (NYSE: AOL) gained $1.56 to $55.71 and Yahoo! (Nasdaq: YHOO) rose $1 to $39.94.