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Tech Shares Slide

U.S. technology issues shares fell Monday, as uncertainty around the globe, particularly in Russia, sent stocks down again.

"There might be some strength in the morning. But the showdown really comes in the afternoon, when the market shows its real colors," said Joseph Barthel, director of investment strategy at Fahnestock & Co.

"Last week's sharp sell-off did significant technical damage," to tech stocks, Barthel said. As long the political situation in Russia remains uncertain and world markets are wracked with turbulence, stocks may continue to fall, he said.

The Philadelphia Semiconductor Index declined 3.4 percent. The Morgan Stanley Technology Index of blue-chip issues fell 4.7 percent, and the broader Pacific Stock Exchange Technology Index fell 3.3 percent.

The CBOE Software Index fell 3.2 percent, and the Amex Networking Index fell 3.6 percent.

In the broader market, the Dow Jones Industrial Average dropped 150 to 7901, while the Nasdaq Composite Index, which contains many technology issues, fell 70 to1569

The Amex Internet Index declined 6.0 percent.

The Goldman Sachs Computer Hardware Index fell 5.0 percent.

Internet stocks, which lost ground on Friday, fell again Monday.

Shares of America Online, which fell 6 3/8 to 89 7/8. Online bookseller Amazon.com dropped 11 33/64 or about 10 percent, to 94 3/8; Yahoo! lost 7 7/16 to 93; DoubleClick fell 3 3/16, or 10.9 percent, to 26; Broadcast.com lost 7 3/8 to 37. Search company Inktomi fell 6 3/16 to 53 7/8.

Bay Networks was one of the few advancers, rising 1 3/8 to 30. Shares of 3Com fell 1 1/16 to 25; Ascend Communications dropped 2 1/4 to 37 3/4; shares of Cisco Systems fell 5 1/2 to 89 1/8; shares of Xylan fell 7/8 to 15 1/2.

Hewlett-Packard fell 1 9/16 to 49 15/16.Compaq fell 1 3/8 to 29 3/8; and Apple fell 1 11/16 to 32 1/2. Dell fell 2 1/2 to 126 1/8.

Among software makers, Netscape fell 2 1/4 to 21 1/4. Microsoft fell 4 1/16 to 101 3/16. Broderbund (BROD) fell 3/16 to 14 13/16 ; gamemaker Electronic Arts (ERTS) fell 3 9/16 to 39 1/2; BMC Software fell 2 1/16 to 47 1/16. Computer Associates, was down 7/8 at 29 5/8.

Analog Devices lost 3/8 to 14 3/8. Shares of Intel Corp. fell 2 3/4 to 74 1/4.

Among chip manufacturing equipment makers, Lam Research, was down 11/16 to 12 1/2.

By Stephanie O'Brien, CBS MarketWatch