Tech stocks continued to struggle Tuesday as the Nasdaq composite fell 4 points to 2,871.30. The Dow Jones industrial average closed up 32 points to 10,494.50 as some investors did a little bargain hunting.
"The whole market on the tech side just has had no support. The only thing you can do is keep your eye on the companies you like and say, 'OK, it's time to bottom-fish,''' said Jeffrey Davis, chief investment strategist at State Street Global Advisors.
Lucent Technologies (NYSE: LU) fell $3.38 to $17.56 after it said that it might have to cut $125 million from its reported fourth quarter sales on account of a revenue recognition problem.
Agilent Technologies Inc. (NYSE: A) moved up $4 to $48.63 after reporting fiscal fourth-quarter net income more than doubled and that sales will rise 20 percent or more this fiscal year.
Intel (INTC) added $1.50 to $42.63. Advanced Micro Devices (AMD) lost 44 cents to $19.94 and IBM (IBM) closed off $4.75 to $98.50.
PRI Automation Inc. (Nasdaq: PRIA) inched up 63 cents to $20.56 after it reported earnings that beat the Street's consensus, along with some hefty charges due to previously announced manufacturing problems.
ValueVision (Nasdaq: VVTV) clipped $1.75 to $17.19 said that it will rebrand its home shopping channel and Web site using the NBC peacock.
Among widely held PC stocks, Dell (DELL) picked up 25 cents to $23.63; Gateway (GTW) lost $1.56 to $34.64; Compaq (CPQ) shed 30 cents to $24.05 and Apple Computer (AAPL) trimmed 13 cents to $18.81.
Microsoft (MSFT) added 56 cents to $67.75. Oracle (ORCL) fell 88 cents to $23.88 and Sun Microsystems (SUNW) moved up $3.38 to $85.
Yahoo! (YHOO) tumbled $7.19 to $41.69. America Online (AOL) and eBay (EBAY) fell $4.09 and $2.94 a share, respectively. CMGI (CMGI) fell $1.13 to $10.94 and Amazon.com (AMZN) closed off $1.56 to $24.25.