Investors Cash Out, Leading Nets to Another Big Tumble
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Internet stocks suffered through another brutal session Monday as investors once again engaged in a massive selloff of technology and Internet shares. While the end-of-day numbers weren't pretty, the Nasdaq did manage to recover from a 297-point loss.
internet.com's Internet Stock Index had fell 52.25, or 7.31 percent, to 662.79, the Nasdaq Composite lost 161.50 to 3,482.38 and the Dow Jones industrial average gained 62.05 to 10,906.10.
Leading the downward charge was Microsoft Corp. (MSFT), plunging 12-5/16 to 66-5/8. The U.S. Justice Department and several of the 19 states involved in its antitrust lawsuit are reportedly considering a breakup of the software giant as a remedy in the case. Also, the company's third-quarter revenue rose less than forecast.
Exodus Communications Inc. (EXDS) plunged 25-3/16 to 82-1/2. The Web hosting firm reported a first-quarter loss of 32 cents due to higher acquisition costs. That's up substantially from a loss of 14 cents a year ago. Robertson Stephens Monday reiterated its "buy" on the stock, setting a $245 target. Senior E-Commerce Analyst Rick Juarez raised fiscal 2000 revenue estimates to $780.5 million from $752.9 million and fiscal year 2001 revenues to $1.65 billion from $1.4 billion.
Critical Path (CPTH) dropped 8-1/8 to 37. The fall came despite a report of better-than-expected quarterly earnings. In its latest quarter, the e-mail outsourcing company lost 33 cents a share, 8 cents better than forecasts.
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