Internet Stocks Stage Turnaround
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After inflation fears drove down Internet stocks more than 30 points by mid-day, buyers came back into the market and drove the sector back into positive territory.
The Dow Jones industrial average finished off 59.85 to 10,853.47 after being down more than 150 points. The Nasdaq closed up 33.72 to 2,561.58, erasing a loss of more than 30 points, and internet.com's Internet Stock Index gained 14.61, or 2.59 percent, to 579, erasing an earlier loss of more than 20.
America Online Inc. (AOL) jumped 10-5/8 to 135-7/8. Investors expect bullish comments from executives at Wednesday's analyst meeting. Also, Jamie Kiggen, who covers AOL for Donaldson Lufkin Jenrette, predicted Monday AOL will hit 200 within the next year.
Amazon.com Inc. (AMZN) erased a loss of more than 10 points to finish up 5-1/4 to 137-5/8. The online bookseller and several of its competitors Monday announced plans plans to ofer 50 percent discounts on titles on The New York Times bestseller list.
Real Networks Inc. (RNWK) lost 2-1/32 to 86-21/32 after being as low as 80-5/8. 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 119-1/2, up 3-1/4 from Friday's close.
Also, several Real executives including Chief Executive Officer Rob Glaser, filed to sell 4 million Real shares.
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