Internets Still Seeing Red
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Internet stocks continued to slide in midday trading Wednesday during a session marked by red ink across the board.
Just before noon, internet.com's Internet Stock Index was off 14.12, or 3.30 percent, to 413.39 and the Nasdaq Composite had fallen 13.82 to 2,574.17. The Dow Jones industrial average had jumped 88.96 to 10,766.27, largely due to Union Carbide whose shares were jumping on news it was being bought by Dow Chemical.
Internet brokers were again slumping following heavy losses seen Tuesday. The group dipped after Credit Suisse First Boston's Bill Burnham predicted Internet brokers may see their first decline in trading volume in the third quarter. Part of the reason, Burnham said, was online investors tend to favor Internet stocks which are currently in decline.
E*Trade Group Inc. (EGRP) was up 1/16 to 24-3/4, DLJdirect (DIR) was down 1/2 to 18-1/8, National Discount Broker Group Inc. (NDB) was off 1-3/4 to 30-3/8 and Southwest Securities (SWS) had shed 7/8 to 36-1/2.
Even better-than-expected earnings weren't enough to turn theglobe.com Corp. (TGLO) into positive territory. Shares were off 13/16 to 12-1/16 even though the online community reported a pro-forma net loss of 27 cents a share, about 5 cents better than analysts were expecting.
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