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MIDDAY MARKETS: Warnings depress techs

Another batch of profit warnings depressed techs at midday Monday. The Nasdaq tumbled 57.86 to 3,777.37 and the Dow Jones industrial average shed 66.31 to 10,860.69.

The Inter@ctive Week @Net Index fell 6 to 512.65.

Federal Reserve Chairman Alan Greenspan said on Monday there was no sign that the explosion of innovation that has transformed the financial industry in recent years was coming to a close.

Allaire Corporation (Nasdaq: ALLR), down 6.25 to 11.25, warned Monday that its third quarter 2000 financial results would be below expectations -- the company now expects to lose up to 20 cents a share, a big turn-around from First Call's expected profit of 7 cents a share.

ICG Communications, Inc. (Nasdaq: ICGX), down 2.31 to 1.59, said slower growth and service problems forced it to issue a revised outlook, trimming estimates for revenues and earnings into 2001. Despite a reduction in expenditures under the revised plan, the company still needs funding, and is exploring strategic alternatives.

Net2Phone Inc. (Nasdaq: NTOP), down 3.16 to 30.66, announced Monday it has formed a new company for network management software for Voice over IP, Adir Technologies. Cisco Systems, Inc. (Nasdaq: CSCO), down 1.44 to 61.31, has purchased a minority equity interest in the new company.

Reseller Merisel Inc. (Nasdaq: MSEL), up 0.06 to 1, is selling its open computing alliance unit to distributor Arrow Electronics (NYSE: ARW) for $110 million in cash, the companies said Monday.

Circuit City Stores Inc. (NYSE: CC), up 1 to 25.63 matched analyst expectations for the second quarter, but profits dropped 25 percent.

A change of ownership at its biggest customer has forced Telaxis Communications Corp. (Nasdaq: TLXS), down 4.44 to 7.31, to lower estimates for the third and fourth quarters of the year.

Marchfirst Inc. (Nasdaq: MRCH), down 0.81 to 17.88, (Nasdaq: WOMN), unchanged at 3, and (Nasdaq: FLWS), unchanged at 5.75, all named new chief financial officers Monday.

Amazon (Nasdaq: AMZN) rose 0.31 to 43.94, AOL (NYSE: AOL) gained 1.75 to 57 and Yahoo! (Nasdaq: YHOO) fell 1.31 to 104.56.

Among other leading tech issues: Cisco (Nasdaq: CSCO) dropped 1.5 to 61.25, Intel (Nasdaq: INTC) rose 0.38 to 57.88, Microsoft (Nasdaq: MSFT) was down 0.56 to 63.63, and Oracle (Nasdaq: ORCL) shed 1.66 to 76.66.