Stockwatch Daily: European tech stocks slide after US giants tumble

European tech stocks took a nose dive this morning after US technology giants 3Com and Gateway both said they will miss earnings forecasts.

While the FTSE100 rose 0.2 per cent, individual players took a tumble. ARM Holdings fell 9p to 301p while Logica dropped 20p to 1,360p. Psion was down 24p to 130p after posting a loss of £6.5m for 2000 compared with a net profit of £1.6m in 1999. Telecom stocks also spiralled with Deutsche Telekom dropping 2.3 per cent, France Telecom down around 2.5 per cent and Nokia dropping over five per cent. Alcatel fell 4.6 per cent. In London the Techmark index was down 0.5 per cent while in Europe the Frankfurt Dax fell 0.8 per cent and the Paris CAC 40 fell 1.2 per cent.