U.S. stocks catch the Hong Kong flu

There's a price to pay for participating in the new-look global economy: Events overseas have a direct impact on investors in the United States, regardless of how bullish investors feel about domestic markets.

Concerns about currency devaluation in Hong Kong sent its Hang Seng Index down 10 percent before the market opened in the United States. Subsequently, technology stocks were whacked Thursday along with the broader markets. The Dow Jones Industrial Average lost 186.88 points to 7847.77 while the NASDAQ tumbled 36.40 points to 1671.68.

IBM was among the day's biggest losers, shedding $4.56 per share to $100.56. Dell Computer Corp. lost $2.63 per share to $96.50 while Applied Materials Inc. lost $3.38 per share to $37.13.

Microsoft Corp. managed to escape unscathed, posting a gain of 94 cents per share to $136.63.

No segment of technology was immune to the financial equivalent of the Hong Kong flu.

Networking stocks took their lumps along with telecommunications issues.

Ascend Communications Inc. lost 75 cents per share to $34. Cisco Systems Inc. was off $2.13 per share to $81.81 while 3Com Corp. trimmed $1.25 per share to $47.50.

AT&T Corp. lost a mere 13 cents per share to 49.31. GTE Corp. was off 81 cents per share to $45.38.

Read-Rite Corp. was punished for missing Wall Street estimates, losing $3.25 per share to $20. First Data Corp. closed down $6.06 per share to $30.06. Apple Computer Inc. continued its steady descent by dropping 81 cents per share to $17.75.

Remedy Corp. was a lone bright spot, surging up $7.13 per share to $45.88 after beating Wall Street estimates in its third quarter. Sun Microsystems Inc. lost $1 per share to $37 while Compaq Computer Corp. was off $1.13 per share to $72.50.

Yahoo! Inc. lost $2.19 per share to $50.75. Excite Inc. shed $1.25 per share to $28.75 while Lycos Inc. was off 75 cents per share to $30.