ISDEX Erases Last Week's Gains
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Internet issues plunged on Monday as investors, concerned over Net valuations and near-term interest rate hikes, pocketed profits.
internet.com's Internet Stock Index fell 40.38, or 4.51 percent, to 854.24, the Nasdaq Composite lost 139.32 to 4096.08 and the Dow Jones industrial average dropped 243.54 to 11008.17. Monday's losses erased almost all of last week's gains.
Neoforma.com (NEOF) zoomed up 39-3/8 to 52-3/8 in its first day of trading. The online B2B medical supplier priced 7 million shares at $13 each. Underwriters were Merrill Lynch, Bear Stearns, Robertson Stephens, Volpe Brown Whelan and William Blair.
E-tail giant Amazon.com Inc. (AMZN) jumped 8-1/6 to 70-1/8. The company Monday invested another $30 million in drugstore.com (DSCM), bringing its total stake to almost 28 percent. Drugstore.com added 5-7/8 to 35.
MP3.com Inc. (MPPP) lost 1/2 to 29-1/8. Over the weekend, the company confirmed the Recording Industry Association of America had hit it with a copyright infringement lawsuit. The suit centers around its personalization initiative.
Quintiles Transnational Corp. (QTRN) added 3-1/6 to 27-1/2 and Healtheon/WebMD Corp. (HLTH) gained 5-9/16 to 65-1/8. Healtheon is paying $2.5 billion in stock and cash to pay Quintiles, which conducts clinical drug trials.