Tech Leaders Leave Internets Behind
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Traditional technology bellweathers left Internet stocks behind Tuesday, although Internet shares did manage to gain back some of the steep losses that swept across the sector to start the week.
internet.com's Internet Stock Index gained .67, or .14 percent, to 473.65, the Nasdaq Composite ended up 60.31 to 2,679.50 and the Dow Jones industrial average had climbed 114.61 to 10,977.77.
eBay Inc. (EBAY) lost 4-13/16 to 99-9/16, despite posting better-than-expected earnings. On Monday, the company reported a second-quarter operating profit of 4 cents a share. That's a penny higher than analyst expectations.
Excite@Home (ATHM) jumped 4-3/4 to 50-15/16. On Monday, San Francisco officials approved the transfer of the city's cable franchise to AT&T. That's one of the conditions required for the company's $48 billion purchase of Tele-Communications Inc. to be finalized.
San Francisco officials delayed a decision on open access, which could require AT&T to open its cable network to competing Internet providers. Officials said they wanted to wait until an Oregon court ruling involving the issue is decided. That's expected to happen in October.
PSINet Inc. (PSIX) lost 1-9/16 to 53-5/16. The ISP posted a second-quarter loss of $62 million, or $1 a share, compared to a loss of $54.4 million, or $1.06 a share, a year ago. PSINet's latest results trounced analyst estimates by 11 cents.
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