MIDDAY MARKETS: Techs rebound

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The Nasdaq bounced back at midday Thursday, after two days of declines; Read-Rite was leading the gainers. The Nasdaq surged 92.20 to 4,105.54 and the Dow Jones industrial average shed 27.10 to 11,283.54.

The Inter@ctive Week @Net Index gained 6 to 543.20.

Shares of Read-Rite Corp. (Nasdaq: RDRT) surged 1.94 to 9.75 after the company formed a new fiber optics subsidiary, Scion Photonics Inc., with $25 million in initial funding from Tyco Ventures and Integral Capital Partners.

As of August 31, there were 287 IPOs in registration, expecting to draw $36 billion from the markets. Is the jam-packed pipe indicative of gushing liquidity ahead -- or just a sign that last winter's dot-com Drano still hasn't done its job?

Qwest Communications International Inc. (NYSE: Q), down 1.69 to 49.81, raised its revenue and earnings targets for 2000 and 2001 Thursday as it continues the integration of US West. It also announced 12,800 layoffs, the sale of $1 billion in non-strategic assets and the launch of its Digital Media subsidiary.

Commerce One Inc. (Nasdaq: CMRC), up 4.88 to 67.56, and Intershop Communications have formed a joint marketing and integration alliance surrounding electronic marketplace software and technology.

CMGI (Nasdaq: CMGI), down 1.69 to 45, is reorganizing its business structure, dividing its operating companies and venture capital investments into six different business units.

Online grocer Peapod Inc. (Nasdaq: PPOD), up 1/16 to 2 1/16, will pay $12 million to acquire the Chicago and Washington D.C. business of rival Streamline.com Inc. (Nasdaq: SLNE), down 7/32 to 25/32.

Yahoo! (Nasdaq: YHOO) rose 1.19 to 113.25 and AOL (NYSE: AOL) gained 0.06 to 56.06.

Among other leading tech issues: Microsoft (Nasdaq: MSFT) rose 2.13 to 71.56, Cisco (Nasdaq: CSCO) gained 2 to 66.25 and Oracle (Nasdaq: ORCL) rose 1.88 to 91.13.