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MIDDAY MARKETS: Oracle and Red Hat lead decline

Techs tumbled at midday Friday as the markets absorbed quarterly reports from Oracle and Red Hat. The Nasdaq tumbled 54.16 to 3,859.70 and the Dow Jones industrial average shed 12.58 to 11,074.89.

The Inter@ctive Week @Net Index fell 7 to 519.95.

The Street was down on Red Hat's (Nasdaq: RHAT) second quarter Friday; shares fell 3.75 to 21.5. Analysts were mixed.

Oracle (Nasdaq: ORCL) shed 4.19 to 80.75 following its quarterly report, while Adobe Systems (Nasdaq: ADBE) was up 8.75 to 134.13 after it hurdled analysts' estimates.

Anadigics (Nasdaq: ANAD), down 4.94 to 24.94, warned investors Friday that third and fourth quarter results will fall short of previous predictions.

Citing slow carrier access business, PSINet (Nasdaq: PSIX), down 1.40 to 13.03 said second half revenues would be between $920 million and $960 million, and warned that it would need around $600 million in additional funding in 2001.

Internet domain name registrar, Inc. (Nasdaq: RCOM), down 0.06 to 8.75 said Friday it will buy, a provider of domain name resale services for 4.38 million shares of common stock and $10 million in cash.

CMGI's (Nasdaq: CMGI), down 0.94 to 39.19, said its AltaVista division is laying off 25 percent of its work force, but company officials said the North American unit should be profitable by January of 2001.

Osicom Technologies Inc. (Nasdaq: FIBR) fell3.75 to 36.25, or 10 percent Friday after announcing its second quarter results. There were no consensus expectations, as no analysts cover the company.

Yahoo! (Nasdaq: YHOO) fell 1.44 to 105.5, Amazon (Nasdaq: AMZN) fell 0.81 to 44.06 and AOL (NYSE: AOL) dropped 1.06 to 54.94.

Among other leading tech issues: Intel (Nasdaq: INTC) fell 1.69 to 57.94, Microsoft (Nasdaq: MSFT) was down 1.94 to 63.88 and Cisco (Nasdaq: CSCO)shed 1.06 to 60.19 .