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MIDDAY MARKETS: Qualcomm leads tech rally

Positive results from Qualcomm helped boost techs into a rally at midday Friday, while the Dow suffered after the jobs report. The Nasdaq climbed 27.22 to 3,456.24 and the Dow Jones industrial average shed 62.18 to 10,818.33.

The Inter@ctive Week @Net Index gained 10 to 461.16.

The Dow declined after the jobs report showed the U.S. economy generated new jobs at a slower pace in October, and hourly wages rose. Techs shrugged off the report, gaining with some good earnings news from Qualcomm (Nasdaq: QCOM). Shares surged 10.09 to 72.9, or 16 percent Friday morning after the company beatanalysts' estimates as surging licensing revenues made up for lower cell phone sales in South Korea.

Sprint Corp. (NYSE: FON) was up 0.5 to 23 after it lowered earnings guidance for the next few years for its core telco unit Friday, but sees strong growth ahead for its wireless unit, which is expected turn a profit by 2002.

Shares of (Nasdaq: PCLN) plunged 2.25 to 4.59 a day after the company's chief financial office quit and it warned of slow growth ahead., Inc. (Nsadaq: GOTO), up 0.88 to 1, rose on the announced of a three-year search distribution agreement with newly formed Terra Lycos (Nasdaq: TRLY).

Optical Communication Products (Nasdaq: OCPI) priced 10.5 million shares at the mid-point of its $10 to $12 range for trading Friday. Story

Kulicke & Soffa Industries Inc. (Nasdaq: KLIC) plunged 21 percent, or 3.06 to 11.81 in pre-market trading Friday following an announcement that revenues for its first fiscal quarter of 2001 will be lower than expected.

Amazon (Nasdaq: AMZN) rose 0.41 to 40.16, AOL (NYSE: AOL) gained 1.27 to 55.27 and Yahoo! (Nasdaq: YHOO) rose 2.84 to 70.28.

Among other leading tech issues: Cisco (Nasdaq: CSCO)rose 0.06 to 55.81, Intel (Nasdaq: INTC) rose 0.19 to 57.88, Microsoft (Nasdaq: MSFT) was down 0.81 to 69.5, and Oracle (Nasdaq: ORCL) rose 1.19 to 30.75.