Internet Stocks Finish Lower As Big Caps Continue Slide
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Internet stocks ended lower Tuesday, despite posting strong gains earlier in the day, as the sector's famous names continued their slide and disappointing news moved a number of other shares lower.
Internet.com's Internet Stock Index shed 22.34, or 3.91 percent, to 548.74, the Dow Jones industrial average failed to close above 11,000 for the second day in a row, losing 128.58 to 10,886.11 and the Nasdaq Composite dropped 50.49 to 2,485.09.
Online brokers were generally lower Tuesday despite a report from Credit Suisse First Boston's Bill Burnham who said the volume of online trading climbed 67 percent in April. Ameritrade (AMTD) lost 9-31/32 to 113-1/16, E*Trade Group Inc. (EGRP) shed 8-1/2 to 103 and National Discount Brokers Group Inc. (NDB) dropped 3-1/16 to 51-7/8.
Securities First Technologies Corp. (SONE) plunged 17-3/8 to 95. The company, which provides technology to banks to help them offer online services, fell after reporting a first-quarter loss of 26 cents a share. That was 2 cents better than analysts had forecast.
Internet IPOs continued to climb, although Tuesday's received less of a stellar reception than their predecessors. Mapquest.com Inc. (MQST) gained 7-3/8 to 22-3/8. The online map company sold 4.6 million shares at $15 each, up from the original range of $10 to $12.
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