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Today's Tech Movers

Updated from 12:41 p.m. ET

Intel Upgraded

12:51 p.m. ET



(INTC) - Get Report

was virtually unchanged in the early afternoon, off from a morning peak of $62.88 after


upgraded it to buy from outperform with a 12 month target of $78. Analyst David Wu said he expects a seasonal upswing in PC sales, and

SCI Systems'

(SCI) - Get Report

recent warning does not reflect a wider trend. He also said a conference call with

Micron Technology

(MU) - Get Report

had reassured him that demand for chips is normal. Micron was down 3.2%. The

Semiconductor Index


was up 2.2%.

Lucent Reverses Slide

12:15 p.m. ET




was up 2.9% at midday, joining the tech stock revival after dipping to a new intraday low of 28.50 in early trading. Nortel


was also up, rising 5% as telecommunications equipment stocks shook off their recent fall.

Amazon Rises

12:07 p.m. ET


(AMZN) - Get Report

was up 7.1% and


(EBAY) - Get Report

was 7.3% higher at midday as the tech stock rally continued. Amazon's rise came despite a

Lehman Brothers

note saying the online holiday season may not be as strong as last year's. Both Amazon and eBay hold analyst meetings next week.

AOL Deal Seen Near

11:29 a.m. ET




was up 1.3% in the morning after

Merrill Lynch

said it expects the merger with

Time Warner


to get U.S> and European approval by the end of October. Merrill said it does not see potential concessions as having a major impact.

CORV Turns Higher

11:08 a.m. ET

-- Beleaguered fiber-optic stocks rebounded early today, with


TST Recommends

(CORV) - Get Report

jumping 10.2%. The stock had been down 25.9% since its peak Sept. 1.

New Focus


was up 5.1% and


(GLW) - Get Report

rose 4.2%.

StarMedia Down on Staff Cuts

10:51 a.m. ET


StarMedia Network

(STRM) - Get Report

fell 8.2% after saying it expects to be profitable in the fourth quarter of 2001, a year earlier than previously expected. The Internet media company, which targets Spanish and Portuguese speakers, cut about 15% of its staff, or 125 jobs, to save $20 million.

Credit Suisse First Boston

reiterated its buy rating.

Source Information Misses Forecast

10:41 a.m. ET


Source Information Management


fell 28.3% after posting second-quarter earnings per share of 10 cents, well below the

First Call/Thomson Financial

consensus of 25 cents and under the year-ago 12 cents.

Robotic Vision Drops on Warning

10:33 a.m. ET


Robotic Vision


fell 28.9% after warning it will post lower-than-expected fourth-quarter earnings per share of 6 cents to 9 cents. The

First Call/Thomson Financial

estimate was 18 cents. The company blamed the expected lower earnings to temporary order deferrals, but said orders should be back to normal next quarter.

Microsoft Slips

10:22 a.m. ET



(MSFT) - Get Report

, up slightly in the preopen, slipped 0.5% in



Lehman Brothers

analyst Mike Stanek reiterated his buy rating, saying the company's markets continue to strengthen because of improving corporate and consumer demand and he called the new product flow "remarkable."

Virata Jumps on Forecast

10:03 a.m. ET

-- Telecommunications equipment maker



rose 15.3% after saying it expects second-quarter revenues to be about $41.5 million, up from $27.7 million in the previous quarter.

Maxwell Falls on Warning

9:52 a.m. ET

-- Electronic components maker


(MXWL) - Get Report

dropped 18% after it said third-quarter losses would be larger than expected on lower revenues and it will continue to phase-out less-profitable units.