Internet Stocks Fail to Sustain Rally
Page 1 of 1
After a rally in the morning, Internet issues ended the day in negative territory.
The internet.com's Internet Stock Index fell 15.38, or 3.66 percent, to 405.28, the Dow Jones industrial average dipped 6.33 to 10,707.70 and the Nasdaq Composite gave up 29.17 to 2,518.80.
America Online Inc. (AOL) rose 13/16 to 85 9/16. A New York Times story alluded to a possible deal where AOL members would get access using AT&T cable lines. However, later Monday, AT&T denied the rumors.
Net2Phone Inc. (NTOP) soared 3 7/8 to 20 3/8. General Electric's NBC broadcasing unit has agreed to market Net2Phone services. As part of the deal, NBC and Snap.com will acquire stakes in the company.
Juno Online Services Inc. (JWEB) gained 5/16 to 14 15/16. The Internet and e-mail provider has sealed a deal with Mail.com (MAIL) that will allow Juno members to send and receive e-mail through any computer connected to the 'Net. Mail.com was up 7/8 to 14 7/16.
Online auctioneer eBay Inc. (EBAY) dove 3 5/8 to 79 5/8. The company suffered another round of outages Friday and over the weekend. Company managers Monday met with analysts to discuss the problems and detail its strategy for tackling them.
Cisco Systems Inc. (CSCO) fell 2 7/16 to 59 13/16. The networking giant Monday announced it will invest $1 billion in KPMG LLP to create an Internet services unit. In the next 18 months, the unit will add 4,000 engineers.
The IPO market got further bad news. HotJobs.com, an online recruiting firm, announced it cut the price range on its offering from $12-$14 to $9-$11. The company also reduced the number of shares it will offer from 4.75 million to 3 million.
ALL NEW! internet.com's HotWatch a monthly e-mail subscription for $99, featuring Internet Stock Report's top 10 noteworthy Internet stocks for the month. Each month you will receive in-depth analysis on the top 10 Internet stocks to watch with the information you need to assess the fast-paced nature of Internet stocks. Staying on top of market changes in the Internet Stock market is what counts. For $99 per year, you receive 12 timely issues sent to you by e-mail. Don't wait, our next issue will be out before you know it with a whole new perspective on the market. Sign up today at: e-newsletters