Thursday: Big Turquoise Bops the Dow

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By John J. Edwards III
Staff Reporter

Just as expected, this morning's negative

Wall Street Journal

story on

IBM

(IBM) - Get Report

has put a hurting on Big Turquoise's shares and has contributed to a continuing loss in the

Dow Jones Industrial Average

. But what wasn't expected was how modest the Big Aquamarine effect has been.

"The IBM news in the paper today was kind of old news," one trader said. He acknowledged there are concerns about Big Azure's ability to meet its earnings estimates, but he said there's been little spillover to other stocks: "There are a lot of bottom-fishers in technology today."

Another trader agreed. "We haven't really seen too much overflow on the Nasdaq side," he said. "Most of our tech names are within a point either way."

Indeed, while IBM's slide of 3 1/8 to 130 5/8 has taken about 9.4 points out of the Dow, many other tech issues are holding their own. By midmorning,

Hewlett-Packard

(HWP)

was off 1/2 to 50 1/8, but

Cisco

(CSCO) - Get Report

was up 3/4 to 48 1/4,

Bay Networks

(BAY)

had added 1/8 to 16 3/4 and

Cascade

(CSCC)

had jumped 2 1/8 to 28 1/4.

"Clients feel that we're getting close to a place where the market's going to bottom out," a trader said. The

Nasdaq Composite Index

certainly reflects that, finally poking above water after yesterday's close a point from 1200.

IBM wasn't alone in depressing the Dow. Negative

Merrill Lynch

comments on the oil industry knocked

Chevron

(CHV)

down 2 to 65 1/8 and dropped

Exxon

(XON) - Get Report

2 1/8 to 102 7/8.