Cohen's Words Spark Tech Sell-Off
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Internet stocks finished lower in a broad market retreat, due in part due to comments from Abby Joseph Cohen of Goldman Sachs, who recommended investors decrease their technology holdings.
Cohen, who chair's Goldman's investment policy committee and has traditionally been one of Wall Street's most bullish analysts, said she was cutting the percentage of equities in her model portfolio by 5 percent to 65 and increased the amount of cash from zero to 5 percent.
internet.com's Internet Stock Index finished down 23.83, or 2.21 percent, to 1,056.67, the Nasdaq Composite plunged 124.56 lower to 4834.00 and the Dow Jones industrial average lost 89.74 to 10,936.11.
Buy.com (BUYX) added 5/8 to 10-1/4. The online retailer Tuesday launched a site targeting U.K customers. Bill Burnam, a partner at Softbank Capital Partners talked about Buy.com in an exclusive interview.
Checkpoint Software (CHKP) lost 6-11/16 to 198-1/4, Juniper Networks (JNPR) soared 30-9/16 higher to 307, Net2Phone (NTOP) gained 2-5/8 to 54-1/8 and Verisign Inc. (VRSN) slipped 1-3/4 lower to 187-1/2.
Autoweb.com Inc. (AWEB) gained 9/16 to 8-3/4. The online auto retailer expects first-quarter revenue to surpass original forecasts. It also projects its quarterly loss will be 25 percent below estimates. Fellow auto e-tailer Autobytel (ABTL) also added 9/16 to finish at 8-15/16.