Internet Stocks Take Heavy Hit
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Internet issues suffered on Tuesday amid profit taking and on news of an imminent announcement from Yahoo! and K-Mart. The portal and retailer are widely expected Wednesday to announce an agreement that will offer users free, advertising supported, Internet access.
internet.com's Internet Stock Index plunged 40.41, or 4.78 percent, to 804.97, the Nasdaq Composite lost 86.90 to 804.97 and the Dow Jones industrial average finished down 32.42, at 11160.17.
America Online Inc. (AOL) dropped 6-1/16 to 87-15/16. Merrill Lynch senior analyst, Henry Blodget cited the reported deal between Kmart Corp. (KMT) and Yahoo! (YHOO) as a potential threat to AOL's revenue model and market value per subscriber. The subscriber-dependent ISP generates 75 percent of its revenue from subscriber fees and might now be forced to provide a free Internet access service to consumers.
CNET Inc. (CNET) , a provider of technology related news and content announced it has experienced a 44 percent jump in unique visitors since launching its most recent advertising campaign. Shares tacked on 13/16 to 65-13/16.
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