Nasdaq slide hits London tech stocks

NEWS In early trading the FTSE techMARK index was down 40 points, or two per cent, with the FTSE-100 also losing ground. Tech stocks were led earthwards by telco Vodafone, which dropped two per cent, and Marconi, which was down almost four per cent. The morning's biggest loser was financial software house Sage, which was hit by rumours of a downgrade from investment bank ABN Amro and received negative statements from US software vendors Intuit and Oracle yesterday. In early trading Sage was down 38 points or almost 13 per cent. Yesterday's slide in the US forced the Nasdaq down 31 points, about 1.5 per cent. However, this fall was capped by news after close that PC-maker Compaq is to miss its earnings forecasts and lay-off 5,000 staff. Oracle also disappointed by unveiling results that met lowered estimates, but consequently reduced its outlook for the coming quarter.