LONDON -- The FTSE 100 was down 71.5 points at 6,301.9 and the Techmark index was 86.5 points lower at 3,738.8, with telecom shares particularly hard hit after AT&T (T) - Get Report said it has cut its sales and profits forecasts for 2000.

Vodafone AirTouch

(VOD) - Get Report

came under immediate selling pressure and was 6.5p lower at 282 ($4.45),

British Telecom

(BTY)

fell 27p to

11.45 and

Colt Telecom

(COLTY)

dipped 63p to

28.75.

Thus

shed 28.5p to 355 following its annual results. Brokerage

Credit Lyonnais

has turned positive on the stock following the figures, moving its recommendation from "reduce" to "add," but so far without effect.

Tech stocks, as usual, go with the Nasdaq flow. Those lower this morning included

Psion

, down 411p to

40.50,

Bookham Technology

, down 237p to

32.62, and

BATM Advanced Communications

, down 100p to

47.87.

Media stocks gave back Tuesday's gains, with

Pearson

down 71p at

22.63 and

Reuters

(RTRSY)

54p off at

11.46.

BSkyB

(BSY)

slipped 43p to

16.95.

Goldman Sachs

, in its latest review of the oil sector, upgraded

BP Amoco

(BPA)

, which rose 18.5p to 569. However, the bank downgraded

Shell

(SC) - Get Report

and

Lasmo

, the former falling 19p to 508 and the latter 3p to 105.

Europe's other bourses were in the red, with the

Xetra Dax

in Frankfurt down 81.74 at 7474.18 and the

CAC 40

in Paris 62.12 lower at 6500.29. The Neuer Markt's

Nemax All-Share

index was down 106.33 at 6601.00.

German technology stocks were mostly lower as investors turned to Old Economy issues.

Siemens

(SMWAY)

was down 3.62 euros to 165.40 ($150.25), software-maker

SAP

(SAP) - Get Report

fell 9.00 euros to 659.00 and

Epcos

(EPC) - Get Report

was off 1.70 euros at 153.50. The Neuer Markt-listed

T-Online

was down 2.70 euros at 45.30.

Industrial concern

Thyssen Krupp

rose 0.51 euros to 24.01 and carmakers

DaimlerChrysler

(DCX)

and

Volkswagen

(VLKAY)

rose 0.30 euros to 64.72 and 0.17 euros to 42.57, respectively.

Deutsche Telekom

(DT) - Get Report

fell 1.20 euros to 73.80 and

France Telecom

(FTE)

was 1.80 euros lower at 176.20, but

Telefonica

(TEF) - Get Report

was up 0.47 euros at 27.21.