But tech investors had reason to smile as the NASDAQ added 16 to 2,050. (If the old smokestacks are off, you gotta buy something, right?) Meanwhile, we're all wondering if we'll get another rate cut from the Federal Reserve, which is meeting tomorrow and Wednesday. Not that rate cuts have been firing up the market, but at this point we'll take anything to catapult us out of the doldrums.

BAD MEDICINE Biogen couldn't get a break Monday and shares tumbled $5.46 to $54.41. Trouble for the company actually began last week, when Biogen warned that earnings would be off. It's also getting lackluster results from tests for a new psoriasis treatment that's under development. Then this morning Merrill Lynch lowered its rating on the company to "neutral," from "accumulate." Lehman Brothers also cut its rating. Worse, Biogen's mishaps seem to be contagious, as other biotechs lost ground. Genzyme General, which specializes in rare diseases often overlooked by bigger drug makers, shed $2.73 to $52.52. Amgen closed at $64.25, off 89 cents a share. Genetech, which sells drugs for breast cancer and whose ticker is "DNA," found it didn't have the genes it needed Monday as shares shrank to $54.39, down $1.71.

CHIPPING AWAY A DEAL Compaq Computer is going to use microprocessors made by Intel so it can quit making its own computer chips. The deal should be in full swing by 2004, but it will have an almost immediate effect on Compaq, which expects boosted sales and a new focus on software and services. Financial details about the deal haven't been disclosed but investors embraced the idea. Compaq added 40 cents a share to $13.90. Intel closed at $28.58, up $1.07.

ASBESTOS IS BAD FOR YOU (DUH) But it's really bad for USG Corp., the buildings material company, which filed for Chapter 11 bankruptcy on Monday. USG blames runaway costs from asbestos litigation -- and joins the ranks of others, like USG Interiors and L&W Supply, who've filed for bankruptcy for asbestos court fights. "Lawsuits continue to be filed at a high rate with no slowdown in sight," said Chairman and Chief Executive William Foote in a statement. The company has been hoping that lawmakers in Washington, D.C. will limit damages from lawsuits. No doubt the folks who are sick from asbestos have a different perspective. USG closed at $3.73, down 15 cents.

SAMPLES

Faster than a speeding transistor? You got it. International Business Machines has created the world's fastest silicon transistor that will make microchips run five times faster while using less power. How fast? It can turn off and on 200 billion times a second. (I'd love to talk to the guy who counts that...) It's probably not surprising that some naysayers have doubted that silicon could be used for this kind of speedy work. But IBM spokesman Bernard Meyerson assures us that "Silicon's future is safe as the preferred medium for chip-making." Sound impressive? Maybe. Investors still did a big yawn and IBM ended the day at $112.65, down 22 cents. Tough crowd. I'd like to see them turn off and on 200 billion times a second.

So much for renting. Turns out home sales have been clipping along nicely and dwellings are fetching more than ever. Sales of existing homes rose 2.9 percent in May, to 5.37 million units. That beat economists' expectations. The average tab for one of these nests? A cool $145,500.

And you thought your gold ring was expensive. Barrick Gold is buying Homestake Mining for $2.2 billion in an all-stock deal that would create the world's second biggest gold producer. Under the deal, Canada-based Barrick will swap a little over half a share -- 0.53 of a share, to be exact -- for a share of Homestake. That values Homestake at about $8.71 -- and predictably, it did in fact drive Homestake up to $8.05. That's a gain of $1.40 -- or more than 21 percent. (Barrick closed at $15.68, off 75 cents) Homestake has been around forever -- well, 125 years -- but this deal would give it much better prospects for growth and would save both companies roughly $55 million a year. Makes you wonder why it took so long for a deal to take place.