Stocks were weaker overall while Internet stocks were one of the few bright spots in the market.

The

Dow Jones Industrial Average

was down 17 to 9887. The

S&P 500

was down 2 to 1297. The

Nasdaq Composite Index

was down 20 to 2401. The

Russell 2000

was down 3 to 394.

TheStreet.com Internet Sector

index was up 14 to 643. Two of the biggest gainers were

@home

(ATHM) - Get Report

and

Excite

(XCIT)

. @Home was up 18 9/16, or 14%, to 152 3/8, while Excite surged 16 11/16, or 14%, to 138 7/16.

TheStreet.com E-Commerce Index

was up 1 to 115.

Today, Great Britain's drug regulatory agency rejected

Glaxo-Wellcome's

(GLX)

request to reintroduce troglitazone.

Warner-Lambert

(WLA)

sells the drug in the U.S. under the name Rezulin.

On Friday, a

Food and Drug Administration

panel is slated to release its findings on Rezulin, and on how many deaths are related to its use since its 1997 introduction.

Salomon Smith Barney

downgraded Warner-Lambert today.

TheStreet.com

wrote about the options activity in Warner-Lambert

this afternoon.

Last week, the

Los Angles Times

ran a story detailing a proprietary study that revealed that there have been far more deaths in diabetes patients on Rezulin than previously understood.

Warner-Lambert was down 2 9/16 to 68 1/8.

The 30-year bond was down 8/32 to 95 12/32, yielding 5.57%.

John Roque, senior analyst at

Arnhold & S. Bleichroeder

, noted that bonds are weakening again and will retest the 120 level on the bond futures contract. He noted, however, that support for the contract in this area is good. He said in a note this morning that he'd get more concerned about bonds and equities if the contract closed below 119 9/32.

The June contract was recently down 2/32 to 121 4/32.

Meanwhile, a close for the Treasury bond's yield beneath 5.42% would be a nice plus for the market while a close under 5.29% would be a bullish sign, Roque wrote.

As for technical levels on the S&P 500, Roque has put resistance at 1320 with the 1280 level pegged as support.

On the

New York Stock Exchange

, decliners were beating advancers 1,796 to 1,095 on 493 million shares. On the Nasdaq, losers were beating winners 2,298 to 1,532 on 664 million shares.

On the NYSE, 88 issues had set new 52-week lows while 30 had touched new highs. On the Nasdaq, 77 stocks had set new lows while 53 touched new highs.

Most active on the Big Board was

America Online

(AOL)

, with 25 million shares changing hands. It was up 8 11/16 to 127 15/16.

On the Nasdaq,

Dell

(DELL) - Get Report

was most active, with 47 million shares changing hands. It was down 2 15/16, or 7%, to 37 3/8.

Donaldson Lufkin & Jenrette

cut its first-quarter revenue and earnings estimates on Dell today, helping send the stock lower.

1:52 p.m.: Stocks Remain Moderately Mixed

The small-cap

Russell 2000

and

Nasdaq Composite Index

were modestly lower this afternoon, while the blue-chip

Dow Jones Industrial Average

and

S&P 500

clung to positive territory.

The Russell was down 2 to 394. The Nasdaq Comp was down 9 to 2412. The Dow was up 14 to 9917. The S&P 500 was up 2 to 1301.

TheStreet.com Internet Sector

index was up 14 to 643.

TheStreet.com E-Commerce Index

was up 1 to 116.

The 30-year Treasury bond was up 4/32 to 95 20/32, yielding 5.55%.

Transportation stocks were taking a beating. The

Dow Jones Transportation Average

was down 1%.

On the

New York Stock Exchange

, decliners were beating advancers 1,679 to 1,168 on 418 million shares. On the

Nasdaq Stock Market

, losers were beating winners 2,189 to 1,528 on 566 million shares.

On the NYSE, 73 issues had set new 52-week lows while 28 had touched new highs. On the Nasdaq, 65 issues had set new lows while new highs totaled 51.

Most active on the Big Board was

America Online

(AOL)

, with 22 million shares changing hands. It was up 9 11/16, or 8%, to 128 15/16 on a positive report on AOL out of

ING Barings Furman Selz

.

On the Nasdaq,

Dell

(DELL) - Get Report

was most active, with 42 million shares changing hands. It was down 2 11/16, or 7%, to 37 5/8.

Donaldson Lufkin & Jenrette

cut its first-quarter revenue and earnings estimates on Dell today, helping send the stock lower.

Sector Focus: Cable TV Providers

The number of cable television providers continued to shrink today.

Comcast

(CMCSA) - Get Report

is buying

MediaOne

(UMG)

in a deal valued at $60 billion in stock and the assumption of debt.

Comcast was down 6 1/2, or 8%, to 63 11/16, while MediaOne soared 5 13/16, or 10%, to 66 9/16. MediaOne hit a 52-week intraday high of 68 11/16 today.

The combined company on a pro forma basis will serve 11 million cable customers with systems that pass over 18 million homes domestically.

Earlier this month,

Adelphia Communications

(ADLAC)

agreed to buy

Century Communications

(CTYA)

for roughly $5 billion in cash, stock and assumed debt.

Today, shares of Adelphia rose 3 1/4 to 62, while those of Century added 1 1/2 to 44 5/8. Both stocks hit 52-week intraday highs today at 64 3/8 and 47 respectively.

1:16 p.m.: Midday Musings: Market Mixed as Earnings Concerns Keep Weighing on Tech

11:53 a.m.: Stocks Turn Mixed at Midday

Stocks were mixed as the lunch hour approached on Wall Street.

The

Dow Jones Industrial Average

was up 17 to 9920. The

S&P 500

was up 2 to 1301.

The

Nasdaq Composite Index

was down 7 to 2414. At its bottom, which it reached around 10:30 a.m. EST, the Nasdaq Comp was off 23.32 to 2397.95.

The small-cap

Russell 2000

was down 1 to 395.

The 30-year Treasury bond was up 10/32 to 95 26/32, yielding 5.54%.

TheStreet.com Internet Sector

index was up 13 to 642.

TheStreet.com E-Commerce Index

was up 1 to 115.

On the

New York Stock Exchange

, decliners were beating advancers 1,558 to 1,107 on 273 million shares. On the

Nasdaq Stock Market

, losers were beating winners 1,932 to 1,471 on 380 million shares.

On the NYSE, 24 issues had set new 52-week highs while 52 had touched new lows. On the Nasdaq, 42 issues had set new lows while new highs totaled 41.

On the Big Board,

America Online

(AOL)

was most active, with 17 million shares changing hands. It was up 8 5/8, or 7%, to 127 7/8.

ING Barings

raised its price target and earnings forecast on AOL. The new price target for 1999 is $180, up from $100, while for full-year earnings, ING Barings raised its estimate to 36 cents a share from 32 cents a share.

Tech Focus

The

Nasdaq 100

was down fractionally, while the

Morgan Stanley High-Tech 35

was up fractionally. The

Philadelphia Stock Exchange Computer Box Maker Index

was down fractionally. The

Philadelphia Stock Exchange Semiconductor Index

was down 2%.

Donaldson Lufkin & Jenrette

trimmed its first-quarter revenue estimate on

Dell

(DELL) - Get Report

today, sending the computer maker down 2 1/8, or 5%, to 38 1/8.

DLJ cut its first-quarter revenue estimate to $5.3 billion from $5.5 billion and its earnings estimate to 15 cents a share from 17 cents. The current

First Call

30-analyst estimate calls for earnings of 16 cents a share. Dell was most active on the

Nasdaq Stock Market

, with 31 million shares changing hands.

Meanwhile,

Bear Stearns

downplayed softness in the personal computer sector, saying it may be indirectly related to the launch of

Intel's

(INTC) - Get Report

Pentium III

last month.

In other news the

Justice Department

would be open to a settlement of the antitrust case against

Microsoft

(MSFT) - Get Report

if it meets the department's conditions, said Joel Klein, the head of the department's antitrust division,

Reuters

reported.

In today's paper,

The Wall Street Journal

reported that Microsoft plans to begin settlement talks with the department and 19 states in an effort to end the antitrust trial against it. Microsoft was up 3 3/16 to 174 7/16.

Meanwhile,

IBM

(IBM) - Get Report

was rising after Friday's selloff. It was up 5/8 to 169 3/16.

10:54 a.m.: Nasdaq Pulled Lower by Drop in Tech Sector

Technology stocks were taking a bit of a beating at midmorning while the

Dow Jones Industrial Average

remained little changed.

The tech-heavy

Nasdaq Composite Index

was down 16 to 2405.

Donaldson Lufkin & Jenrette

trimmed its first-quarter revenue estimate on

Dell

(DELL) - Get Report

.

DLJ cut its first-quarter revenue estimate to $5.3 billion from $5.5 billion and its earnings estimate to 15 cents a share from 17 cents. The current

First Call

30-analyst estimate calls for earnings of 16 cents a share. Dell was down 2 3/8, or 6%, to 37 15/16, and was most active on the

Nasdaq Stock Market

, with 25 million shares changing hands.

"High techs aren't going to carry the ball," said Peter Green, director of technical research at

Gruntal

.

Meanwhile, rumors were floating that

Compaq

(CPQ)

will miss its numbers.

The Dow was up 2 to 9905.

Meanwhile, the

S&P 500

was down 1 to 1298. The small-cap

Russell 2000

down 2 to 395.

TheStreet.com Internet Sector

index was up 7 to 635.

Green said that drug stocks look heavy overall and that they could be the next group that will suffer a decline. However, he did note that a couple of stocks in the group are showing some strength:

Pharmacia & Upjohn

(PNU)

and

Merck

(MRK) - Get Report

. Pharmacia & Upjohn was up 3/8 to 56 11/16, while Merck was up 1/16 to 86 1/16.

TheStreet.com E-Commerce Index

was down fractionally at 114.

In Netland, shares of

Broadcast.com

(BCST)

are soaring in response to a report on

BusinessWeek Online

which said sources say that

Yahoo!

(YHOO)

is looking to buy Broadcast.com. Broadcast.com was up 19, or 22%, to 104 1/8, while Yahoo! was up 4 13/16 to 174 11/16.

The 30-year Treasury bond was up 9/32 to 95 25/32, yielding 5.54%.

On the merger-and-acquisition front,

Comcast

(CMCSA) - Get Report

is buying

MediaOne

(UMG)

in a transaction valued at $60 billion in stock and the assumption of debt.

In the wake of the news, Comcast was down 5, or 7%, to 65 1/2, while MediaOne was up 6 3/4, or 11%, to 67 1/2.

On the

New York Stock Exchange

, decliners were beating advancers 1,381 to 1,117 on 181 million shares. On the Nasdaq, losers were leading winners 1,743 to 1,391 on 260 million shares.

On the NYSE, 42 issues had set new 52-week lows while 18 had touched new highs. On the Nasdaq, 38 issues had set new highs while new lows totaled 29.

On the Big Board,

America Online

(AOL)

was most active, with 10 million shares changing hands. It was up 5 1/2 to 124 3/4. ING Barings raised its price target and earnings forecast on AOL. The new price target for 1999 is $180, up from $100, while for full-year earnings, ING Barings raised its estimate to 36 cents a share from 32 cents a share.

9:57 a.m.: Stocks Open Little Changed

Stocks were little changed early on amid some merger-and-acquisition news, while

Donaldson Lufkin & Jenrette

trimmed its first-quarter revenue estimate on

Dell

(DELL) - Get Report

.

DLJ cut its first-quarter revenue estimate to $5.3 billion from $5.5 billion and its earnings estimate to 15 cents a share from 17 cents. The current

First Call

30-analyst estimate calls for earnings of 16 cents a share. Dell was down 2 1/4, or 6%, to 38.

Meanwhile, in the M&A arena, in a mammoth deal,

Comcast

(CMCSA) - Get Report

is buying

MediaOne

(UMG)

in a transaction valued at $60 billion in stock and the assumption of debt.

The

Dow Jones Industrial Average

was down 1 to 9902. The

S&P 500

was up fractionally at 1299. The

Nasdaq Composite Index

was up 1 to 2422. The

Russell 2000

was up fractionally at 397.

A quote on

TheStreet.com Internet Sector

was not immediately available.

TheStreet.com E-Commerce Index

was up 1 to 116.

The 30-year Treasury bond was up 6/32 to 95 23/32 yielding 5.55%.

Most Up at Open -- NYSE

McKesson HBOC (MCK) - Get Report, up 1 1/2 to 67 1/2

.

Most Up at Open -- Nasdaq

Broadcast.com (BCST) , up 13 1/4 to 98 1/4

.

Most Down at Open -- NYSE

Nokia (NOKA) , down 2 1/4 to 147 3/4

.

Most Down at Open -- Nasdaq

Gilead (GILD) - Get Report, down 4 3/4 to 52

.