On the heels of this morning's friendly

employment data, Wall Street took kindly to

Nasdaq

shares today. The Comp finished higher 62.7 points, or 1.6%, to 4023.2. But while many technology shares got a lift today, those that announced profit warnings suffered.

After their drubbing earlier this week, the semis and chipmakers improved upon gains they added yesterday. The

Philadelphia Stock Exchange Semiconductor Index

, or SOX, ended up 41.3, or 3.7%, to 1160.4. Similarly, the

Phildelphia Stock Exchange Computer Box Maker Index

finished ahead 4.6%, powered by

IBM

(IBM) - Get Report

and

Hewlett Packard

(HWP)

.

According to David Bailey, a research analyst at

Gerard Klauer Mattison

, "profit warnings and the potential of a slowdown in mainframe sales sent a chill through the tech sector earlier this week." Today, however, Bailey says "people were feeling that demand in the PC market, especially for high-end products. The jobs data was good for tech stocks."

The rally, however did little to support companies that expect disappointing profits.

Applied Microsystems

(APMC)

, which offers services for developing software, stated that it expects a larger second-quarter loss than Wall Street had expected because of soft demand in Asian markets and a longer sales cycle for some customers. The news sent Applied Microsystems shares down 11/16, or 10%, to 6 3/16.

Shares of

Brio Technology

(BRIO)

, a provider of e-enterprise solutions, plunged 11 11/32, or 57.2%, to 8 15/32. This morning Brio announced that it missed revenue and earnings targets for the first quarter.

Compuware

(CPWR)

announced that it expects disappointing first-quarter earnings, citing weakness in the software market. In a company press release, the software manufacturer stated that it was "very disappointed with its software sales results." Shares of Compuware finished down 1 3/32, or 10.7%, to 9 5/32.

Tech names that announced earnings warnings were not the only ones in hot water today. This morning,

Deutsche Banc Alex. Brown

analyst Andrea Williams Rice downgraded Net companies, including

Yahoo!

(YHOO)

, citing concerns over a pullback in dot-com spending for coming quarters now that equity capital isn't as readily available for these companies. Her move took a bite out of the leading portal: the stock finished down 5 7/8, or 4.8%, to 116 1/2.

Meantime,

BroadVision

(BVSN) - Get Report

was hammered after losing a major contract. Shares fell 13 5/8, or 25.4%, to 40. Yahoo! and BroadVision helped bring

TheStreet.com Internet Sector

down 18.2, or 2.2%, to 807.11.

In other company news, networking giant

Cisco Systems

(CSCO) - Get Report

, announced that it will purchase

Netiverse

, a developer of technology for speeding the delivery of Web content, for $210 million in stock. Cisco was recently up 3/16, or 0.3%, to 64 15/16.

2:33: Nasdaq Jumping, but Investors Unforgiving of Tech Companies With Profit Warnings

This morning's cool

employment report is pumping up the technology sector-- along with much of the broader market. After taking a beating earlier this week, the semiconductor and hardware industries are continuing to build on gains they added yesterday.

Lately, the

Philadelphia Stock Exchange Semiconductor Index

, or SOX, was moving forward 3.3%, helped by

National Semiconductor

(NSM)

and

Advanced Micro Devices

(AMD) - Get Report

. The

Phildelphia Stock Exchange Computer Box Maker Index

was ahead 3.6%, powered by

IBM

(IBM) - Get Report

and

Hewlett Packard

(HWP)

.

The

Nasdaq

was steaming ahead 71.3, or 1.8%, to 4031.8. The

Dow Jones Industrial Average

lately gained 130, or 1.23%, to 10,609.

But the rally has done little for companies that announced profit warnings this morning.

Applied Microsystems

(APMC)

, which offers services for developing software, stated that it expects a larger second-quarter loss than Wall Street had expected, because of soft demand in Asian markets and a longer sales cycle for some customers. The news sent Applied Microsystems shares down 7/8, or 12.7%, to 6 in afternoon trading.

Shares of

Brio Technology

(BRIO)

, a provider of e-enterprise solutions, plunged 11 15/32, or 57.9%, to 8 11/32. This morning, Brio announced that it missed revenue and earnings targets for the first quarter.

And Compuware

(CPWR)

announced this afternoon that it expects disappointing first-quarter earnings, citing weakness in the software market. In a company press release, the software manufacturer stated that it was "very disappointed with its software sales results." Shares of Compuware were ahead 3/16, or 1.8%, to 10 7/16 ahead of the news. Trading was halted for a period. The stock was lately down 12.8%.

Tech names that announced earnings warnings were not the only ones in hot water today. Leading Internet portal

Yahoo!

(YHOO)

was lately down 6 15/16, or 5.2%, to 116 1/16 after

Deutsche Banc Alex. Brown

analyst Andrea Williams Rice downgraded this and other Net companies on concerns over a pullback in dot-com spending.

Meantime,

BroadVision

(BVSN) - Get Report

is getting killed after losing a major contract. BroadVision recently was falling 11 15/16, or 22.4%, to 41 5/8.

10:37: Yahoo!, Broadvision Apply Pressure but Net Stocks Hang In

Do you, uh,

Yahoo!

(YHOO)

? Or

BroadVision

(BVSN) - Get Report

? Because they're killing the Net stocks today.

Andrea Williams Rice, an analyst at

Deutsche Banc Alex. Brown

, doesn't Yahoo! -- she downgraded the stock today, as well as several other Internet companies, and that's taking a bite out of the leading portal. Meanwhile,

BroadVision

(BVSN) - Get Report

is getting killed after losing a major contract. Thanks to these stocks, the

TheStreet.com Internet Sector

index is lower, although most other Internet stocks are a few ticks from unchanged.

Alex. Brown's Rice downgraded Yahoo! to buy from strong buy, citing concerns over a pullback in dot-com spending for coming quarters, now that equity capital isn't as readily available for these companies. The stock was lately down 7, or 5.7%, to 115 3/8.

In a written comment, she said the fact that Web sites still derive much of their advertising revenue from other Web sites is a concern, because these companies are running short on cash. However, Yahoo!, which derives about 30% to 35% of its ad revenue from other dot-coms, is a big fish in the water -- and as companies get more selective with their ad dollars, Yahoo! could benefit as other Web sites fall off the map.

"We continue to believe the big will get bigger, and that the scale economics of Yahoo!'s platform will enable it to maintain strong, steady EPS growth," she wrote, explaining why she didn't drop her rating to a neutral. Rice was not available for comment.

BroadVision

was losing ground after

American Airlines

, the subsidiary of

AMR

(AMR)

, awarded a Web site enhancement contract to a competitor. BroadVision was getting pasted, lately down 9 3/8, or 17.5%, to 44 1/4. The company was the most actively traded on the

Nasdaq Stock Market, as 16 million shares have changed hands.

Art Technology Group

(ARTG)

, the victor in all this, is seeing a nice bounce in early trading, after the postclose announcement that American had selected the company as the future platform for American's AA.com Web site. Art Technology was up 5 3/4, or 6.1%, to 100 1/4.

Alex. Brown's Rice has had an adverse affect on several other names she downgraded this morning.

Fairmarket

(FAIM)

was down 7.9% to 5 11/16,

Safeguard Scientifics

(SFE) - Get Report

lost 6/9% to 30 3/4 and

TMP Worldwide

(TMPW)

dropped 2.6% to 74. All three were reduced to buy from strong buy.

Jefferies

started Safeguard with an accumulate rating this morning.

Hotjobs.com

(HOTJ)

, meanwhile, was upgraded by Alex. Brown, and the stock was soaring, up 23.9% to 15 7/8.

Speaking of Alex. Brown's hometown, one other big loser today was

NetCreations

(NTCR)

, a direct email marketing firm (y'know, that stuff in your inbox that you don't read). The stock was down 14.3% after the company last night announced that CFO Gary Sindler resigned effective Aug. 15 to pursue "personal interests in his native Baltimore," which either means eating crabs, watching the

Orioles

lose, or attempting to resurrect

Homicide: Life on the Street

.