Internet Issues End Mixed
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Stocks in the Internet sector ended the day mixed following a session that saw a slew of deals and another wildly successful initial public offering.
internet.com's Internet Stock Index ended up 2.12, or .39 percent, to 551.42, the Nasdaq Composite was off 12.25 to 2,778.19 and the Dow Jones industrial average slumped 25.96 to 11,175.02 after being down more than 75 points in mid-session.
The day's most anticipated Internet IPO had a stellar debut. China.com (CHINA) soared 46-5/8 to 66-5/8. The company, which offers Chinese language content online, sold 4.2 million shares Monday at $20, raising $80.2 million.
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) lost 1-15/16 to 20-5/16. 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.
Several other Internet plays will report earnings this week. CNET Inc. (CNET) gained 3-15/16 to 49-13/16 after dropping 9 percent on Monday. Analysts expect the company to report a 5-cent profit Thursday compared to a 7-cent loss a year ago.
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