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RealTime IT News

Internet Stocks Battered By Inflation Fears

Buyers of Internet stocks who showed up just after Monday's opening bell were quickly chased away by continuing fears the Federal Reserve will raise interest rates when it convenes on Tuesday.

Just before noon, the Dow Jones industrial average was off 151.49 to 10,761.83, the Nasdaq down 31.25 to 2,496.61 and Internet.com's Internet Stock Index had shed 20.36, or 3.61 percent, to 544.03.

Losers included Amazon.com Inc. (AMZN) which was off 10-1/2 to 121-7/8. Investors were apparently worried that the bookseller's plans to ofer 50 percent discounts on bestsellers will drag down profits.

Electronic commerce companies were also down, with Priceline.com Inc. (PCLN) off 7-7/16 to 125-3/8. Online auctioneer UBid (UBID) was off 1-3/16 to 46-9/16 and Onsale Inc. (ONSL) was off 1-1/16 to 21-3/4.

Real Networks Inc. (RNWK) lost 7-3/4 to 80-15/16 at midday. The company announced it was making Snap.com, the search service co-owned by CNET and NBC the search service on its Real Player G2. The news sent CNET (CNET) shares as high as 124, before setting in at 116-7/8, up 5/8 from Friday's close.

Internet ad software company NetGravity Inc. (NETG) was down 2-15/16 to 21-15/16.


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