Internet Stocks Taking It On The Chin
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Internet stocks were mostly lower in mid-session as Wall Street was reacting negatively to a variety of news.
Just before noon, internet.com's Internet Stock Index was unchanged at 483.82, the Nasdaq Composite was off 43.12 to 2,368.91 and the Dow Jones industrial average was off 130.45 to 10,465.81.
Losers included AdForce Inc. (ADFC) which had plunged 8-11/16 to 20-1/4. The company's shares were reeling from the announcement that the Web advertising company had lost GeoCities, its largest client. Yahoo!, which closed its purchase of GeoCities last week, plans to manage GeoCities ads on its own system.
Yahoo! (YHOO) shares were off 7-1/8 to 131-1/16 on news that it had acquired Online Anywhere which specializes in Internet solutions for Internet appliances.
Internet brokers continued to trade lower on concern that Merrill Lynch's plans to get into the business will result in a price war, eroding profits in the sector. Ameritrade Holdings Corp. (AMTD) was off 6-1/8 to 73-5/8, DLJdirect (DIR) had sunk 6-9/16 to 32-3/16 and E*Trade Group Inc. (EGRP) was off 4 to 35-5/16.
Ameritrade also announced a 3-for-1 stock split on Wednesday.
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