MIDDAY MARKETS: Mixed ahead of Microsoft
Profit-taking continued at midday Wednesday, as investors awaited the final ruling in Microsoft's case, due out earlier than expected. The Nasdaq added 17.27 to 3,773.64 and the Dow Jones industrial average was up 8.36 to 10,743.93.
The Inter@ctive Week @Net Index rose 1 to 471.16.
Microsoft (Nasdaq: MSFT) fell 1 23/64 to 68 17/64 as investors awaited the final ruling in its antitrust trial, due at 3 pm EST. It is expected that Judge Thomas Penfield Jackson will endorse a government plan to split the company in two parts and impose restrictions on its business practices.
Applied Micro (Nasdaq: AMCC) was down 8 3/8 to 98 7/16, or 8 percent, after Bloomberg reported that revenue from the company's sales to Nortel Networks (NYSE: NT), its biggest customer, was below expectations.
Juniper Networks Inc. (Nasdaq: JNPR), up 5 7/8 to 207 1/4, gained in early trading Wednesday on a report that Nortel Networks, down 11/16 to 57 13/16 is discussing a co-marketing arrangement to use its Internet-communications gear, and may withdraw plans for the development of its own high-speed routers.
CyberOptics Corp. (Nasdaq: CYBE), up 6 1/8 to 51 3/4, said earnings for the second quarter of 2000 are expected to be at least 4 cents above expectations.
An earnings warning sent InterVoice-Brite (Nasdaq: INTV) plunging Wednesday. Shares were down 7 1/32 to 6 17/32.
MP3.com Inc (Nasdaq: MPPP) shot up 2 3/16 to 14 9/16, or 25 percent after a report that it and Warner Music (NYSE:TWX) were close to a deal that will include both damages for copyright infringement and a plan for it to licensing music from the record company.