Stocks Pause in Advance of Fed Annoucement
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Internet stocks and all major U.S. indices were trading quietly in mid-session Wednesday as investors seemed to be pausing in advance of the Federal Reserve's decision on interest rates due out shortly after 2 p.m. Eastern.
internet.com's Internet Stock Index was up 3.98, or .76 percent, to 526.25, the Nasdaq Composite had shed 14.08 to 2,628.03 and the Dow Jones industrial average was off 48.76 to 10,766.59.
Excite@Home Corp. (ATHM) was up 2-5/16 to 54-1/4. Excite announced a deal with Billpoint that will allow users of Excite's classifieds and auctions service to use Billpoint's person-to-person payment service as currency.
Internet advertising agency Modem Media.Poppe Tyson Inc. (MMPT) had dropped 2-11/16 to 22-1/2 on word the company had lost its AT&T Corp. contract.
National Discount Brokers Group Inc. (NDB) jumped another 8-1/4 to 53-1/2. Piper Jaffray's Stephen Franco initiated coverage of the stock, setting a $90 price target. Others in the sector were mixed with E*Trade Group Inc. (EGRP) up 3/8 to 39-9/16 , DLJdirect (DIR) down 3/8 to 26-9/16 and Ameritrade Holding Corp. (AMTD) up 2-9/16 to 95.
Online auctioneer eBay Inc. (EBAY) slumped 2-3/4 to 138 after experiencing more technical problems Monday and Tuesday. The glitches meant some users were unable to access pages or saw significant system slowdowns.
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