MIDDAY MARKETS: CPI fails to inspire techs

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Another piece of evidence that the economy is cooling failed to incite buying at midday Wednesday. The Nasdaq shed 4.91 to 3,846.15 and the Dow Jones industrial average climbed 63.99 to 10,685.83.

The Inter@ctive Week @Net Index rose 1 to 483.94.

The Consumer Price Index (CPI) rose slightly -- the index was up 0.1 percent in May, less than the 0.2 percent increase expected. The tame data failed to excite investors though, perhaps because of rising oil prices.

Earnings news was driving a few winners and losers Wednesday; Progress Software Corp. (Nasdaq: PRGS) fell 3/8 to 15 3/16 after it said Wednesday that second-quarter revenue for the quarter decreased due to the strengthening of the U.S. dollar, but earnings had increased to 24 cents a share. The results met First Call Corp. estimates.

Micros Systems, Inc. (Nasdaq: MCRS) fell 8 5/8 to 17 after it said revenue and earnings for the fourth fiscal quarter will be below analyst expectations.

CMGI (Nasdaq: CMGI)was up 1 15/16 to 58 9/16 , and Fatbrain.com (Nasdaq: FATB) was down 1 9/16 to 8 1/8. as investors reacted to last night's quarterly reports.

ADC Telecommunications Inc. (Nasdaq: ADCT) a supplier of network equipment, software and integration services, was up 15/16 to 79 7/16 after it declared a 2-for-1 split of its common stock.

On the IPO front, August Technology (Nasdaq: AUGT), a company that offers automated visual testing equipment that detects defects in semiconductors, was up 4 1/16 to 16 1/16 after it priced its IPO at $12, at the bottom of its $12-14 range for trading Wednesday.

Rediff.com (Nasdaq: REDF), an India-related portal, was up 7 1/16 to 19 1/16 in debut.

America Online Inc. (NYSE: AOL), up 1 3/4 to 53 3/8, will develop a set-top box featuring personal television services from TiVo Inc. (Nasdaq: TIVO), which rocketed 11 3/4 to 33 5/16, on the news.

Amazon.com Inc. (Nasdaq: AMZN) gained 3/16 to 49 3/16, and Yahoo! (Nasdaq: YHOO) fell 1 1/4 to 138 1/4.

Microsoft (Nasdaq: MSFT) rose 2 13/16 to 70 11/16 and Intel (Nasdaq: INTC)fell 2 11/16 to 128 13/16.

Among other leading tech issues: Cisco (Nasdaq: CSCO) rose 29/64 to 65 29/64, Sun Microsystems (Nasdaq: SUNW) gained 1 1/2 to 91 9/16 and Oracle (Nasdaq: ORCL) was down 1 1/4 to 80 7/16.