Internets Beat Blue Chips, Techs
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Stocks ended mixed Wednesday as interest rate fears took a toll on techs and blue chips although Internet stocks were able to break from the pack.
internet.com's Internet Stock Index was up 4.14, or 0.86 percent, to 485.09 and the Nasdaq Composite fell 12.61 to 2,658.61 while the blue chip Dow Jones industrial average slumped 131.40 to 10,985.68.
Internet stocks got much support by comments from Merrill Lynch & Co.'s Henry Blodget, who raised his ratings on Yahoo! and Amazon.com to "short-term buy." Amazon.com Inc. (AMZN) jumped 3-7/8 to 113-1/8 and Yahoo! Inc. (YHOO) was up 6-3/16 to 145-1/16.
Blodgett expects online shopping during the holiday season to be two to three times bigger than last year.
Online brokers were slumping Wednesday following a report from BancBoston Robertson Stephens forecasting lower revenues for E*Trade Group Inc. and Ameritrade Holding Corp. E*Trade, which also announced a lower commission schedule for active online traders, (EGRP) was off 2-3/16 to 28-1/16, Ameritrade (AMTD) had fallen 1-11/16 to 23-13/16, National Discount Broker Group Inc. (NDB) had fallen 2-1/8 to 33-7/8, and Charles Schwab Corp. (SCH) had tumbled 1-15/16 to 43-9/16.
There were no Internet IPOs today. However, two IPOs announced cuts in their price ranges. MyPoints.com, which is a Net direct marketer, priced its IPO at $8, below its $10-$12 price range. As for Bamboo.com, a multimedia real estate site, it disclosed that its IPO will likely be priced at $8, which is below the $10-$12 price range. The company also reduced the number of shares to be issued from 5 million to 4 million.
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