B2B Plays Lead Another Net Decline
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The carnage continued for Internet stocks on Tuesday as investors pushed tech-related indices and issues to their lowest levels in months.
Leading the plunge again were business-to-business (B2B) e-commerce stocks; the sector leader, Internet Capital Group is now trading 73 percent off its 52-week high of $212.
internet.com's Internet Stock Index fell 46.90, or 5.49 percent, to 806.81, the NASDAQ composite dropped 132.30 to 4,055.90, and the Dow Jones industrial average gained 11,287.08.
A number of sector leaders took it on the chin, Broadcom Corp. (BRCM) was down 17-7/8 to 176-5/8 , Doubleclick Inc. (DCLK) was off 4-15/16 to 76-9/16, Exodus Communications (EXDS) lost 14-3/16 to 112-1/4, Inktomi Corp. (INKT) finished 26-3/16 lower at 135-1/16, and RealNetworks Inc. (RNWK) stumbled 4-5/8 to 40-1/8.
Priceline.com Inc. (PCLN) was down 7-13/16 to 65-1/16 and Travelocity (TVLY) was off 2-1/4 to 27-1/2. Late Monday the two companies announced a marketing alliance. The two companies plan to integrate their ticketing services on both Web sites.
Opus360 Corp. (OPUS) was down 3-13/16, or 31 percent, to 8-1/2. The Wall Street Journalreported Tuesday the SEC is considering an enforcement action against the B2B Internet company.
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