NEW YORK (AP) _ Stocks were mixed today as investors continued to transfer money from industrial companies into technology issues that are leading the red hot Nasdaq stock market.

At midmorning on Wall Street, the Dow Jones industrial average was off 51.81 at 11,299.49, extending Thursday's 138-point drop.

The technology-dominated Nasdaq composite index was up 6.93 at 4,196.44 after closing at record highs Wednesday and Thursday.

Broader stock indicators were barely changed, although smaller-company shares were showing some strength.

The Standard & Poor's 500 index was up 0.23 at 1,445.80.

``There's a panic to own Nasdaq stocks because day after day the Nasdaq goes up,'' said Larry Rice, chief investment officer of Josephthal & CO.

There were no government economic reports to steer the market, and the only major development among the 30 companies that comprise the Dow was a strong fourth-quarter report by Caterpillar. However, shares of the heavy equipment maker slipped 1 1/4 point to 45 7/8.

Likewise, Sun Microsystems fell 1 11/16 to 84 7/8 despite a better-than-expected profit report late Thursday by the producer of hardware and software for the Internet and other computer networks. Sun's stock had rallied more than 25 percent over the past two weeks.

Declining issues outnumbered advancers by a slender margin on the New York Stock Exchange, while gainers led in Nasdaq trading.

The Russell 2000 index of smaller companies was up 0.15 at 527.43.

NYSE volume came to 448.51 million shares, up from Thursday's pace.