E-Commerce Companies Steal the Stage
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Shares of electronic commerce plays were higher in midday trading Monday on a wave of deals, kicking off a week that will be flooded with earnings announcements.
Just after 1 p.m., internet.com's Internet Stock Index had fallen 10.51, or 1.91 percent, to 540.56, the Nasdaq Composite was off 20.93 to 2,843.55 and the Dow Jones industrial average was off 15.51 to 11,194.33.
Ticketmaster Online CitySearch (TMCS) was up 7 to 41. The online ticket seller and Microsoft Corp. Monday reached a deal that will give Ticketmaster the city guides in MSN's Sidewalk. Microsoft will also take a 9 percent stake in TMCS, which could go as high as 13 percent if all warrants are exercised.
Ticketmaster will also develop localized arts and entertainment guides that will be delivered on a new MSN local channel.
E*Trade Group Inc. (EGRP) fell 2-1/16 to 35-7/16 despite reporting higher-than-expected quarterly results. The online broker lost 10 cents a share in the third quarter, 2 cents ahead of analyst estimates.
Several other sector leaders were down, including Yahoo! Inc. (YHOO) off 1-1/16 to 149-3/16, CMGI Inc. (CMGI) down 5-9/16 to 103-3/4, eBay Inc. (EBAY) down 3-11/32 to 119-5/8, Amazon.com Inc. (AMZN) off 4-3/16 to 133-7/16 and Inktomi Corp. (INKT) off 7-1/4 to 115-3/4.
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