RealTime IT News

ISDEX Erases Last Week's Gains

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.

Software.com (SWCM) added 2-7/16 to 95-1/2. Piper Jaffray initiated coverage with a "strong buy" rating and $112 price target.

Broadcom Corp. (BRCM) fell 24-13/16 to 287-5/8, eBay Inc. (EBAY) gave up 14-1/8 to 136-3/8, Network Solutions Inc. (NSOL) slipped 34-15/16 points lower to 236-11/16 and Verisign Inc. (VRSN) lost 12-13/16 to 195-1/8.

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.

Liquid Audio Inc. (LQID) matured 8-3/16 to 34-1/16 on news the company will add support for Microsoft Corp.'s (MSFT) Windows Media format in its flagship audio player.

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.

Ask Jeeves Inc. (ASKJ) lost 9/16 to 99. Daimler Chrysler Monday agreed to use Ask Jeeves' corporate search tool on its Web site.

Autobytel.com Inc. (ABTL) slipped 1/2 to 12-1/16. The online car site plans to offer vehicles to consumers directly, bypassing dealers.

Juniper Networks Inc. (JNPR) fell 8-9/16 to 141-3/8 and Extreme Networks Inc.