Deals Dominate Internet Sector; China.com Rockets
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Wall Street was digesting a slew of deals in the Internet sector Tuesday as investors were bidding up China.com shortly after its debut.
Just before noon, internet.com's Internet Stock Index was down 3.43, or .62 percent, to 545.87, the Nasdaq Composite was off 20.77 to 2,769.67 and the Dow Jones industrial average had slumped 76.62 to 11,124.36.
The day's most anticipated Internet IPO was also having a stellar debut. China.com (CHINA) had rocketed 40-15/16 to 60-15/16 by midday. The company, which offers Chinese language content online, sold 4.2 million shares at $20.
America Online, Sun Microsystems, 24/7 Media and China's Xinhua news agency all hold stakes in China.com.
Online music retailer CDNow Inc. (CDNW) was down 1-11/16 to 20-9/16. The company Tuesday merged with Columbia House, the music retailer owned by Sony Corp of America and Time Warner Inc. Sony and Time Warner will control 37 percent of the new company and CDNow shareholders will own 26 percent.
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