Midday Report: Grim Tech Results Punish Nasdaq

A fresh wave of bad news from technology companies helped send the NasdaqComposite Index down 110.96 to 2,441.95 at midday Friday.

U.S. stocks were lower across the board, with the Dow Jones Industrial Average down 79.45 at 10,811.57 and the Standard & Poor’s 500 stock index down 21.02 at 1,305.59.

Nortel Networks (NYSE: NT) was down US$9.80 at $19.95 after the communicationscompany said “a faster and more severe economic downturn in the UnitedStates” will cut into results for the current year. Nortel announced that it will lay off 10,000 workers.

Nortel president and chief executive officer John Roth said he expects the slump to continue “well into the fourth quarter of 2001.”

After Nortel, the most active Nasdaq issues were JDS Uniphase (Nasdaq:JDSU), down $7.75 at $37.78 and Cisco Systems (Nasdaq: CSCO), down $2.13 at$28.69.

Sun Microsystems (Nasdaq: SUNW), down $3.19 at $24, was also heavily traded.

Dell, HP Disappoint

Two big computer makers also warned of slowing growth. Dell (Nasdaq: DELL) was down $1.31 at $23.69, after the company

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