MIDDAY MARKETS: Techs tumble on HP earnings

2 min read
The Nasdaq was dealt a large blow, falling below 3000, as Hewlett-Packard's fourth quarter earnings shortfall dragged techs down at midday Monday. The Nasdaq dropped 113.84 to 2,915.15 and the Dow Jones industrial average shed 137.65 to 10, 465.30.

The Inter@ctive Week @Net Index fell 17 to 374.21.

Hewlett-Packard (NYSE: HWP) fell short of analyst estimates for the fourth quarter by a whopping 10 cents Monday and saw its shares falling over 14 percent, 5.56 to 33.56. The news weighed heavily on techs.

Cisco (Nasdaq: CSCO) dropped 1.25 to 48.81, Intel (Nasdaq: INTC) lost 0.5 to 36.5, Microsoft (Nasdaq: MSFT) was down 1.81 to 65.56, and Oracle (Nasdaq: ORCL) shed 1.31 to 24.13. IBM (NYSE: IBM) was up 1.38 to 94.38.

Western Multiplex Corp. (Nasdaq: WMUX), down almost 23 percent, 2.88 to 9.88, said it will buy Adaptive BroadbandCorp. (Nasdaq: ADAP, off 0.19 to 12.63, for about $645 million in stock.

JNI Corp. (Nasdaq: JNIC) was still down, 1.13 to 69, as it issued statements to contest two articles which appeared on Friday. The company believes that the articles -- one from TheStreet.com, and one from Dow Jones Newswire -- had a negative effect on its stock price.

CoolSavings Inc. (Nasdaq: CSAV), unchanged at 1.25, said it expects a fourth-quarter loss wider than Wall Street forecasts but sees profitability in the second half of 2001.

Entrust Technologies, Inc. (Nasdaq:ENTU) slid 1.44 to 24.56 after announcing its CFO is leaving.

Amazon (Nasdaq: AMZN) shed 1.13 to 28.94, AOL (NYSE: AOL) slipped 1.5 to 49 and Yahoo! (Nasdaq: YHOO) was off 3.13 to 53.31.