RealTime IT News

Internet Stocks Continue Tumble

Shares of Internet companies were falling again in mid-day trading Monday as fears of rising interest rates continue to drive investors from the sector.

internet.com's Internet Stock Index was off 37.29, or 6.77 percent, to 513.50, the Nasdaq Composite had fallen 60.04 to 2,460.10 and the Dow Jones industrial average had shed 84.65 to 10,744.63.

Amazon.com Inc. (AMZN) was off 8-9/16 to 120. Airline titan Richard Branson is reportedly launching his own Internet book site that England's Guardian newspaper said will have a larger selection than Amazon.

Most of the other Internet issues were down as well. America Online Inc. (AOL) was off 5-15/16 to 120-1/2, Yahoo! Inc. (YHOO) had dropped 10-13/16 to 140-1/2 and @Home Networks (ATHM) had tanked 13 to 117.

Online ad company DoubleClick (DCLK) was off 9-5/8 to 97-7/8. The company Monday announced a new program which allows electronic commerce players to better target specific demographic segments.

Concentric Network Corp. (CNCX) had plunged 6 to 31. A Silicon Valley newspaper ranked the company 19th in a list of 1998's fastest-growing Valley companies.

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