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RealTime IT News

Nets, Techs Down 2%

Investors seemed determined to take technology and Internet stocks lower on Thursday, adding Applied Materials to the long list of companies whose shares have dropped despite better-than-expected earnings. The only positive was that the selling came on lower volume.

Rumors of renewed tension between Iraq and Kuwait caused a spike in oil prices, weighing on the broader market, and retailers were again weak. The ISDEX fell 15 to 726, and the Nasdaq lost 93 to 3759. The S&P 500 dropped 12 to 1460. The Dow rose a scant 2 points to 10,908. Volume declined to 941 million shares on the NYSE and 1.34 billion on the Nasdaq. Decliners led by 14 to 13 on the NYSE and 23 to 15 on the Nasdaq. The Producer Price Index will come out at 8:30 a.m. tomorrow; analysts expect a 0.1% increase in both the PPI and the core. For earnings reports, visit our earnings calendar and reported earnings.

After the bell on Thursday, Internet Capital Group reported a second quarter loss of 7 cents a share. No estimates were available. The stock lost 2 13/16 to 31 5/8 in regular trading and was down slightly after hours. Dell Computer beat estimates by a penny after the bell with 22-cent earnings, but missed the whisper number by a penny and traded lower after hours. For after hours quotes and news, visit our new after hours trading site.

News that Amazon.com had formed an alliance with Toysrus.com did little to boost Amazon's stock, off 7/16 to 30 7/16. The two will launch a co-branded toy and video games store this fall, and a baby products store next year.

Phone.com continued to draw accolades for its merger with Software.com and new CEO Donald Listwin of Cisco, rising 11 3/8 to 102 1/2, closing above 99 1/2 resistance. For more on the deal, click here. But Cisco continued to give back after failing to penetrate 70 resistance yesterday, losing another 4 9/16 to 63 1/4.

Former highflyer K-Tel lost 3/4 to 1 1/16 on news that it will be delisted from the Nasdaq on August 14. eFax.com lost 6.75 cents to 31.25 cents on news that it will also be delisted. drkoop.com , which analysts said is also in danger of being delisted for failing to meet the $1 minimum share price, fell 1/8 to 11/16.

Accrue Software gained 4 to 24 3/4 on news that it will acquire Pilot Software. Terms were not disclosed. Clarent soared 7 1/2 to 39 1/2 on news that its merger with ACT Networks will go through.

Verio rose 3 5/8 to 57 1/8 on news that it had agreed to a temporary restraining order blocking access to Register.com's database. RCOM fell 2 7/8 to 14 1/2. For more on the story, click here.

InterVoice gained 1/2 to 9 1/2 after announcing that it is evaluating what to do with warrants it owns to purchase 741,237 shares of recent IPO SpeechWorks at an exercise price of $2.05.

24/7 Media fell 1 3/4 to 9 1/2 after beating estimates by a penny with a 49-cent loss. First Analysis downgraded the stock to Accumulate from Strong Buy on concern that the company was too dependent on investments in Chinadotcom, Network Commerce and i3 Mobile.

High Speed Access gained 15/16 to 5 15/16 after beating estimates by 12 cents with a 49 cent loss and announcing a $75 million investment from Paul Allen's Vulcan Ventu