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RealTime IT News

Internet Stocks Caught in Slump

A slip in consumer confidence during August was sending stocks downward across the board Tuesday, including many in the Internet sector.

Just after noon, internet.com's Internet Stock Index had fallen 8.75, or 1.83 percent, to 469.30, the Nasdaq Composite was off 23.25 to 2,689.44 and the Dow Jones industrial average had slumped 69.02 to 10,845.11

The Conference Board reported Tuesday that its consumer confidence index dipped to 135.8 from a revised 136.2 in July. That figure beat economists' expectations of 134.2.

Most of the sector's leaders were lower, including America Online Inc. (AOL) down 2-3/16 to 90-7/16 and eBay Inc. (EBAY) off 5/16 to 119-1/8.

On Tuesday, AOL and eBay launched a new co-branded site that will give AOL users easier access to eBay auctions.

Excite@Home (ATHM) slumped 2 to 39-1/2. On Tuesday, the company took several minority stakes totaling $45 million in Rosenbluth Interactive. Rosenbluth has invested in a number of Internet start-ups, including WebMD, Webstakes.com, Quokka Sports and E-Stamp.

Elsewhere among leaders, CMGI Inc. (CMGI) had slumped 2-3/4 to 79-1/16, Priceline.com (PCLN) up 5/32 to 67 and Yahoo! Inc. (YHOO) off 3-5/8 to 140-3/16.

Net2Phone (NTOP) was up 15/16 to 73-9/16. On Tuesday the company reached a deal with AT&T that will allow it to offer Internet telephony services to 17 countries.

Autobytel.com (ABTL) had climbed 1/2 to 15-5/8. The company launched a new consumer banking center in an effort to streamling auto financing.


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