Stocks quoted in this article:
The Morgan Stanley High Tech 35 Index (MSH 949.84) has declined by nearly 27 points, or more than two percent, in late-afternoon trading. This slippage has the index ready to tally its fifth consecutive losing session and close at its lowest mark since May 31.
The MSH has lost almost 16 percent of its value since its September 1 intraday high under the pressure of its downsloping 10-day moving average. The index is now beneath its 10-month moving average, a trendline that has offered flawless support on a monthly closing basis since August 1998.
Key components leading the MSH lower include Electronic Arts (ERTS 43-5/8), down 14.6 percent; JDS Uniphase (JDSU 95-1/2), down 7.3 percent; Nortel Networks (NT 59-3/4), down 6.6 percent; Broadcom (BRCM 242-11/16), down 5.5 percent; Tellabs (TLAB 45-7/16), down 4.8 percent; Dell Computer (DELL 32), down 4.8 percent; and Motorola (MOT 28-3/8), down 4.2 percent.