Dow Makes Huge Gains, Tech Stock Sour
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Net stocks continued their downward slide, even though the Dow Jones industrial average saw its largest one-day gain in almost two years.
At the close, internet.com's Internet Stock Index dropped 53.75, or 5.24 percent, to 972.05, the Nasdaq Composite sank another 123.95 to 4582.68 and the Dow Jones industrial average spurted 320.17 to 10131.41.
Yahoo! (YHOO) was off 10 1/4 to 158 1/2 and eBay Inc. (EBAY) fell 21 1/2 to 189 1/2. Reports surfaced late Tuesday that the online auctioneer and eBay had held preliminary talks, although discussions on an alliance ended last week with no deal. Both companies refused to comment on the reports.
Elsewhere, it was another day of selling, with almost all leaders in the red. Big losers included Ariba Inc. (ARBA) down 11 3/4 to 269 5/16, Checkpoint Software (CHKP), which plunged 38 3/16 to 208 11/16, CMGI Inc. (CMGI) was off 2 1/2 to 121 3/8, Exodus Communications (EXDS) lost 9 5/16 to 142 and Inktomi Corp. (INKT) shed 10 1/4 to 195 7/8.
Network Solutions Inc. (NSOL), lost 22 1/2 to 205 7/8. The domain registrar is being sued for $1.7 billion in a federal lawsuit filed recently in San Francisco. Eight plaintiffs allege the 1995 deal between the National Science Foundation and NSI was unconstitutional. That deal gave Network Solutions the right to charge $70 for a domain registration plus a $35 annual renewal fee.
Commerce One Inc. (CMRC) was off 19 1/4 to 206. The B2B e-commerce firm Wednesday signed a deal with Concert, the joint venture between British Telecom and AT&T, to offer a global B2B service. Commerce One also announced plans to establish a Chinese B2B portal with $40 million in initial backing from several Chinese businesses.
E.Piphany Inc. (EPNY) plunged 61 15/16 to 187. The company, whose software analyzes Web site data, purchased Octane Software for $3.19 billion in stock.
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