Technology stocks plunged this morning in a generally bearish market.
The NASDAQ Composite Index was off 20.52 points recently at 1233.55. Big losers in the morning included Microsoft Corp., down $6.36 to $87.63, and Intel Corp., off $4.75 at $125.75.
The Dow Jones Industrial Average also was off, falling 14.35 points recently to 6790.44. Dow members IBM and Hewlett-Packard Co. were off $2.13 and $2.36, respectively.
The technology-weighted NASDAQ Index has slid downward since January, when it reached a 52-week peak of 1400.53.
Several other high-tech stocks have slipped since January highs, including Intel and IBM. Investors today seemed concerned that a strong dollar would hurt the bottom line at multinational companies like these. Late last week, Morgan Stanley and Dean Witter both cut earnings estimates for IBM.
Today, the news that Medic Computer Systems Inc., a Raleigh, N.C., provider of computer services and hardware to medical practices and hospitals, was expecting a lower-than-expected first quarter, also put a damper on tech stocks. The company's stock was down $14.50 at one point.