You can't stop technology, and you apparently can't stop the

Nasdaq Composite Index

from testing its recent low.

Tech stocks were seeing follow-through selling after a couple of lousy days.

Cisco

(CSCO) - Get Report

did its best, but was unable to lift the sector with its earnings report. Add a downgrade of

Motorola

(MOT)

from

Salomon Smith Barney

and a drop in

Intel

(INTC) - Get Report

, which said today that it had shipped defective motherboards that caused memory problems, and tech stocks were reeling from the outset.

The Nasdaq was down 181.04, or 5.05%, at 3403.97 in recent trading. It was nearing the low of 3345 from April 24 and within spitting distance of the 3227 low from April 17.

TheStreet.com Internet Sector

index was down 40.86, or 4.8%, at 810.02 and was still a ways away from the 669.60 low from April 17. Our own

James Cramer

placed some of the weakness in the Net sector on insider selling in an earlier

piece.

There was little out there to suggest relief was on the way. Investors may be waiting for the

Federal Reserve's

meeting next Tuesday to pass before they put some money to work, though the market must also contend with the

Consumer Price Index

report on the same day. Technical indicators also suggest a test of the lows and the Nasdaq was holding below its 200-day moving average today at 3578.06.

Among the stocks reeling today were

Juniper Networks

(JNPR) - Get Report

, down 22, or 12%, at 155;

BEA Systems

(BEAS)

, down 6 7/16, or 14%, at 40 3/8;

eBay

(EBAY) - Get Report

, down 10 3/8, or 9%, at 110 13/16; and

InfoSpace

(INSP) - Get Report

down 8 11/16, or 16%, at 45 1/8. Yesterday, InfoSpace chairman Naveen Jain filed to sell $107.7 million in stock, according to

Reuters

.

Among business-to-business plays,

FreeMarkets

(FMKT)

was down 5 1/2, or 9%, at 56 1/2;

i2 Technologies

(ITWO)

was down 12 1/2, or 12%, at 91 5/8;

PurchasePro.com

(PPRO)

was down 2 11/16, or 10%, at 24 9/16; and

VerticalNet

(VERT)

was down 5 1/8, or 11.6%, at 38 15/16.

HomeGrocer.com Not Bagging It

Mary Alice Taylor, CEO of newly public

HomeGrocer.com

(HOMG)

, laid out her company's plan today to dominate the online grocery market, but at the same time said that rollout plans for the fourth quarter were put on hold in favor of pursuing profitability. Speaking at the

Chase H&Q Technology Conference, Taylor said that Homegrocer is looking to capture a large part of the 20% to 30% of the $450 billion grocery business that they think will migrate online.

Currently, the company has six order fulfillment facilities, all on the West Coast. But, by the end of June they'll have opened three more and by the end of the year they expect to be nationwide. In the first quarter, HomeGrocer was the largest company in its industry, ahead of competitors

Webvan

(WBVN)

and

Peapod

(PPOD)

.

Peapod was struggling earlier this year after CEO Bill Malloy resigned suddenly, and the company subsequently lost $120 million in financing. Relief came in the form of a $73 million investment from

Royah Ahold

(AHO)

of the Netherlands.

HomeGrocer may be suffering from the same malaise. Taylor announced at the conference that rollout plans for the fourth quarter were put on hold in favor of pursuing profitability. Losses for the first quarter were wider than expected at 31 cents a share, excluding a stock-based compensation expense, compared to Street estimates of 28 cents.

Though HomeGrocer had $257 million in cash at the end of the quarter, net loss was $43.5 million. That cash burn rate gives them roughly five quarters to become cash flow positive. Add to that the recent five-year, $60 million marketing deal with AOL, and the decision to hold off on expansion in the fourth quarter appears to be necessary medicine.

Company executives made much of HomeGrocer being a "physical portal" into the home. Though Taylor reassured the audience that groceries were the company's core business, the video portion of the presentation featured Jeff Bezos hyping the physical portal concept and speculating that it could lead to the delivery of other items, such as film and dry cleaning.

Amazon.com

(AMZN) - Get Report

is HomeGrocer's largest shareholder, with a 22% equity stake.

One of HomeGrocer's co-founders summed up the online grocery business for the audience: "Consumers appreciate that this is a better shopping experience, they just aren't willing to pay for it." If that's the case, then why should investors pay for it?

In recent trading, HomeGrocer.com was down 1/16, or 1.2%, at 5.

Edie Yates contributed to this report.