Earnings and Downgrades Keep Things Volatile

Investors aren't sure about which way to bet on Yahoo! et al.
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Downgrades and earnings. These are the two factors keeping high-tech stocks as volatile as

Mike Tyson

will be Saturday night when he fights

Francois Botha

.

First,

Yahoo!

(YHOO)

,

Lycos

(LCOS)

and

Excite

(XCIT)

were downgraded by

Deutsche Morgan Grenfell's

Alan Braverman late Wednesday. All three have toyed with both the upside and the downside in early trading.

Yahoo! was recently up 4 7/16 at 373, but had fallen as low as 365 15/16 at one point. Lycos was down 4 11/16 at 92 1/2, hovering in the 92 to 101 7/8 range. Excite was down 5/16 at 69 3/8, but had climbed as much as 74 3/8.

One stock where downgrades and earnings have met head-on is

Apple

(AAPL) - Get Report

. Despite earnings that beat even the most optimistic expectations, Apple was trading lower on profit-taking and a downgrade by

Salomon Smith Barney

. An upgrade by

Donaldson, Lufkin & Jenrette

to buy from market outperform failed to enthuse investors. Apple was down 2 5/16 at 44 3/16 in early trading.

Shares of

Advanced Micro Devices

(AMD) - Get Report

are hurting after the company reported earnings late Wednesday that were below expectations. AMD is off 3 5/8 at 24 1/8.