Tech Industry

MIDDAY MARKETS: Techs tread water

Techs struggled to stay above water at midday Friday while the Dow fell below 10,000 as data suggested the economy continued to grow at breakneck speed. The Nasdaq inched up 5.61 to 4623.26, and the Dow Jones industrial average slipped 110.76 to 9,981.87.

The Inter@ctive Week @Net Index dropped 7 to 625.34.

Gross domestic product data suggested the economy grew at the fastest rate in more than three years as demand for U.S.-made goods remained strong. Gross Domestic Product for the fourth quarter was upwardly revised to a gain of 6.9 percent from the 5.8 percent increase previously reported.

IPOs were off to a good start despite the morose markets. DigitalThink (Nasdaq: DTHK) jumped 13 1/2 to 27 1/2, or 96 percent in its IPO and Hotel Reservations (Nasdaq: ROOM) gained 9 5/16. Chipmaker Intersil Holding Corp. (Nasdaq: ISIL) priced $5 above its range.

Priceline (Nasdaq: PCLN), down 1 1/8 to 55 5/8, is launching a new service allowing consumers to set their own price for gasoline, and fill up their tanks at specially selected stations. (Nasdaq: SPDE) gained 2 3/16 to 8 3/4, or 47 percent on news of a patent partnership and new subsidiary, which would establish it in the broadband wireless market. Inc. (Nasdaq: AMZN) lost 2 1/16 to 66 3/8, Yahoo! (Nasdaq: YHOO) lost 1/16 to 168, and America Online Inc. (NYSE: AOL) rose 1/8 to 60 1/8.

Shares of Internet Capital Group (Nasdaq: ICGE) were off 9 5/8 to 109 1/2 after reporting a loss. CMGI (Nasdaq: CMGI) dipped 2 to 117 3/8.

Online advertising firm DoubleClick Inc. (Nasdaq: DCLK) rebounded 15 percent Friday, after Salomon Smith Barney said any weakness in its stock should be seen as a buying opportunity. Shares were up 12 1/16 to 94.

Investors pounded shares of Intuit (Nasdaq: INTU) down after the company reported that sales growth slowed in the second quarter.

Microsoft (Nasdaq: MSFT) lost 1 7/16 to 93 5/16. Intel (Nasdaq: INTC) was up 1/2 to 114 3/4.