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But the steady performance, analysts said, indicates that the company's strategy of shifting away from computer hardware to rely increasingly on technology services and software has enabled it to weather the severe technology downturn fairly well.
ASM's earnings upside is leavened by its severe technology leadership over once arch-rivals Nikon and Canon, each of which have curtailed R&D and downsized marketing activities.
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Mr. Milunovich said that these tax benefits helped mask a severe deterioration in technology companies' cash flows that began three years ago.
The losses were broad-based but most severe in financial, technology and energy stocks, which are subject to changes in the price of commodities like metals and petroleum.
Less severe declines in technology stocks helped to contain losses on the Nasdaq composite index, which was down 1percentt, or 19.35 points, to 1,731.08.
*People who should postpone surgery include minors, pregnant women, people who have had ocular herpes in the last year and people with vision problems too severe for the technology.
I.B.M. reported yesterday that its sales and profits declined in the fourth quarter of last year, but the financial results once again reflected the comparative resilience of I.B.M. at a time of economic weakness and a severe slump in technology markets.
The declines were stark in California, where downtown area rents fell 6.2percentt, led by a drop of 14percentt in San Francisco and 8percentt in San Jose, reflecting the severe contraction in technology industry employment.
Mr. Davidson said in a statement that the company was raising capital in March when the severe downturn in technology stocks struck, drastically diminishing the value of many Internet companies.
With equity futures trading higher and stocks on electronic trading networks rising ahead of the market's official opening, investors are hoping a spurt could help make up for some of yesterday's severe decline among technology stocks.
Although the bioprinted skin might not be a permanent fix for severe burns, the technology is portable enough to bring to a battlefield and fast enough to prevent the loss of precious bodily fluids.
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