Internet Stocks Battered By Inflation Fears
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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.
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