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Date: Wed, 10 Jul 2002 14:40:24 -0700 (PDT)
From: "CNET News.com Investor" <Online#3.19692.cd-kEiTl7czTUOatRRR.1@newsletter.online.com>
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Subject: NEWS.COM INVESTOR: Tech stocks drop again on Qwest criminal probe news
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<td width=412><font face="arial, helvetica" size="-1"><img src="http://www.cnet.com/b.gif" width=1 height=8><br><font size="-2">July 10, 2002</font><br>

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<font size=3><b>Tech stocks drop again on Qwest criminal probe news</b></font><br>
Word telecom Qwest Communications International is being investigated by the U.S. Attorney's office in Denver helped send technology shares lower Wednesday.
<p>
Despite a Merrill Lynch upgrade of Cisco Systems and the fact that J.P. Morgan began coverage on AOL Time Warner with a "buy" rating, CNET's Tech index fell 26.23 points, or 2.66 percent, to 965.29. The tech-heavy Nasdaq composite index lost 35.11 points, or 2.54 percent, to 1,346.01--a multi-year low.
<p>
Broader markets also shed value, dragged down in part by a troubled pharmaceutical sector. The Dow Jones industrial average dropped 282.5 points, or 3.11 percent, to 8,813.5, and the S&P 500 slid 32.36 points, or 3.52 percent, to 920.47--also a multi-year low.
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<font size=3><b><a href="http://clickthru.online.com/Click?q=34-pJpSIcd819B4rhq3_tvVyn4IcgyR" >AT&T, Comcast Shareholders OK Broadband Deal </a></b></font><br>
Shareholders of AT&T Corp. and Comcast Corp. on Wednesday approved the planned $27 billion merger of AT&T Broadband with Comcast, which will create the nation's largest cable TV operator with more than 22 million customers.
Telephone giant AT&T in December agreed to sell its cable television unit to Comcast as part of a restructuring that dismantled its vision of becoming a one-stop shop for telephone, data and video services.<br><B>AT&T CORP 9.78 -2.30% </B>
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<font size=3><b><a href="http://clickthru.online.com/Click?q=49-ZM4cIEpSenC10zjVX4RVXFO5JSFR" >$215 million later, start-up Pluris shuts down </a></b></font><br>
Networking start-up Pluris will release a statement Wednesday announcing it has closed its doors because of a lack of funding and ongoing woes in the market it serves, according to a spokeswoman familiar with the company's plans.
Pluris, a once promising company, burned through $215 million over the past few years as it attempted to build a high-end router that was intended to outclass similar products from competitors such as Juniper Networks and Cisco Systems.<br><B>CISCO SYSTEMS 13.51 2.82% </B>
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<font size=3><b><a href="http://clickthru.online.com/Click?q=5f-WK5BIIKX2Fzc7al6fez6pa6cIJuR" >WorldCom contracts under U.S. scrutiny </a></b></font><br>
The accounting scandal at WorldCom has prompted U.S. government agencies to scrutinize the telecommunications company's billions of dollars in federal contracts.
The Federal Aviation Administration, for one, has been forced to take stock of the situation quickly. WorldCom is a finalist for a 20-year, $3.5 billion contract with the FAA. The contract is expected to be awarded as soon as this week. The company is the incumbent on the contract, which supplies phone and data infrastructure to the nation's air traffic control systems.<br><B>WORLDCOM INC-WORLDCOM TRCK STK 0.20 -3.81% </B>
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<font size=3><b><a href="http://clickthru.online.com/Click?q=89-h28bQ-J1QVDWD5ykUMBXB6W5WWlR" >Banc of America Securities lowers estimates and price target on IBM in notes 7/10/02 </a></b></font><br>
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<font size=3><b><a href="http://clickthru.online.com/Click?q=b3-QHzxQYKTqeTEqynAE64qDAwrPGrR" >Pressplay CEO Schuon to leave company</a></b></font><br>
Andy Schuon is leaving as president and chief executive officer of Pressplay, a joint online venture between Sony Music and Universal Music, sources close to the matter said on Wednesday.

Sony Music is a unit of Sony Corp, and Universal Music is a unit of Vivendi Universal.<br><B>SONY CORP ADR 50.47 -4.32% </B><br>
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