NEW YORK (04/12/2000) - A wholesale dumping of technology stocks continued this morning, extending the Nasdaq's steep losses into a third day. The index fell another 3 percent, or 129.81 points, to 3926.09 by midday. The drop followed more Microsoft Corp. losses. The company fell 5 percent this morning after cautious analyst commentary on its growth. Another big loser was Compuware Corp., which dropped 37 percent amid disappointment over its earnings, losing $7.50, to $12.56.
Microsoft and Compuware were the two most actively traded stocks on the Nasdaq this morning, but they weren't the only tech issues to lose ground. Cisco Systems Inc. lost 5 percent to $66.13. Sun Microsystems Inc. added to recent losses with an additional 6 percent drop to $82.88. IBM Corp. was down 4 percent at midday to $114.31, and Intel Corp. lost almost 3 percent to $127.19.
Yahoo Inc. was a rare exception in the tech sector, reversing a recent downslide with a 5 percent gain to $140 at midday. But Internet peers Amazon.com Inc. and Inktomi dropped 4 percent each, to $60.63 and $129.50.
Internet Capital Group also lost 10 percent to $51.75.
But the Dow retained its confident posture this morning. Building on recent gains, it was up 121.54 at midday, to 11408.62. Coca-Cola was among its big winners, up nearly 5 percent to $49.38. Wal-Mart was up 1.5 percent to $64.31.