CHICAGO (CNN/Money) - Technology stocks remained stuck in a holding pattern Friday as investors exhibited caution ahead of a busy week of earnings results.

The Nasdaq Composite Index fell 6.76 to close at 1,358.85, according to preliminary results. Among blue chips, Microsoft (MSFT: Research, Estimates) slipped 39 cents to $24.20, IBM (IBM: Research, Estimates) shed 26 cents to $78.75, and Intel (INTC: Research, Estimates) lost 12 cents to $16.76.

Next week promises to be an important period for tech stocks, as Microsoft, IBM, Intel, and Nokia are among the companies scheduled to deliver their latest quarterly financial results. Having apparently put war-related issues behind them, investors hope the guidance offered by such heavy hitters will provide more clarity about the outlook for the technology sector.

"Every tech stock gets painted with the same brush those guys get painted with," said Ray Rund, head of research at Shaker Investments.

While many technology firms have attributed their slow first-quarter results to purchasing delays caused by the war in Iraq, some analysts consider that an easy excuse which deflects from underlying fundamental problems, such as excess capacity and a lack of new innovations.

"I tend to think we're in for some period of weak growth, and I'm not talking about a quarter or two," Rund said. "I think for all of 2003 maybe into 2004 we'll continue to see weak growth."

Among the day's newsmakers, Apple Computer (AAPL: Research, Estimates) dropped $1.17, or 8 percent, to $13.20 after the Los Angeles Times reported that the computer maker may purchase Vivendi Universal's music unit for as much as $6 billion. A deal would expand Apple's reach beyond the desktop computing market and place it at the forefront of online music distribution.

Juniper Networks (JNPR: Research, Estimates) gained 68 cents, or 8 percent, to $9.09 after the telecommunications equipment maker swung to a first-quarter profit that beat Wall Street estimates. W.R. Hambrecht and Deutsche Securities both raised their ratings on Juniper to "hold" from "sell."

Also in the telecom-gear world, Foundry Networks (FDRY: Research, Estimates) advanced $1.21, or 15 percent, to $9.21 after the company raised its first-quarter earnings and revenue estimates.

Juniper and Foundry helped boost the Goldman Sachs Multimedia Networking Index, which gained 0.25 to 58.81.

Web search technology firm AskJeeves.com (ASKJ: Research, Estimates) gained 10 cents to $9.14 after First Albany initiated coverage of the company with a "buy" rating.