Inflation Worries Continue to Hurt Internets
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Shares of Internet companies lost more ground Monday as fears of rising interest rates continue to drive investors from the sector.
internet.com's Internet Stock Index lost 40.24, or 7.31 percent, to 510.55, the Nasdaq Composite fell 66.50 to 2,453.64 and the Dow Jones industrial average shed 174.61 to 10,654.67.
Amazon.com Inc. (AMZN) lost 11-1/16 to 117-1/2. 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.
Online ad company DoubleClick (DCLK) lost 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. The company also plans to launch a new product Wednesday in conjunction with Infospace (INSP) that helps consumers locate products from both online and offline merchants. Infospace shares lost 3-1/2 to 49.
Priceline.com Inc. (PCLN) plunged 13-19/32 to 125-11/32. The stock posted gains of 3.9 percent last week after Jamie Kiggen, Internet analyst at Donaldson Lufkin Jenrette, initiated coverage of the company with a "buy" rating. Kiggen expects the stock to hit 190 over the next 12 months.
EToys, one of last week's strong IPOs, continues to lose ground and shed 11-1/2 to 57. That loss is on top of a 11 percent drop on Friday.
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