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RealTime IT News

Markets Don't Meet Post Labor Day Expectations

In the wake of last Friday's surge markets ended Monday with a case of the blues.

internet.com's Internet Stock Index inched lower by 1.56, or .31 percent, to 500.03, the Nasdaq Composite dropped 5.67 to 2,837.44 and the Dow Jones industrial average fell 35.14 to 11,043.31.

Digital Island (ISLD) jumped 6-1/8 to 25. The company, which provides networking services to Internet businesses, Tuesday teamed with Inktomi Corp. and Real Networks Inc. to broadcast video, audio and other live events on the Internet. Real was off 1-1/4 to 86-11/16 and Inktomi had gained 3-13/16 to 119-9/16.

As for the Net leaders, Yahoo! (YHOO) closed unchanged at 155, Juniper Networks (JNPR) was up 1/4 to 193-1/2 and CMGI (CMGI) was down 3/8 to 85-7/8.

HotJobs.com (HOTJ) soared 4-15/16 to 34-15/16. The company Tuesday announced plans to air two 30-second commercials during next year's Super Bowl. Last year, HotJobs spent more than $2 million, or almost half its annual revenue, on a single Super Bowl ad.

Also, Steven Birer of BancBoston Robertson Stephens initiated coverage of HotJobs with a "buy" rating. Deutsche Banc Alex. Brown, SG Cowen and Thomas Weisel also put "buy" ratings on the stock.

iVillage (HOTJ) was down 1-1/8 to 33-7/8. The online pharmacy PlanetRx.com agreed to pay $22.5 million to iVillage over the next three years. iVillage is an investor in PlanetRx.com, which recently filed to go public.

Red Hat Software (RHAT) surged 23-1/16 to 108. Goldman Sachs placed a "market outperform" rating on the stock.

Amazon.com Corp. (AMZN) was up 1/2 to 62-15/16. The company Tuesday named Warren Jenson as its new senior vice president and chief financial officer. Jenson, who was formerly with Delta Air Lines, succeeds Joy Covey who vacated the position to become Amazon.com's chief strategy officer.

SportsLine USA Inc. (SPLN) had added 1-3/4 to 26-1/4. The company's European unit Tuesday launched a new France-oriented site.

America Online Inc. (AOL) had slumped 3-5/16 to 93-1/2. The company Tuesday announced a three-year, $33 million strategic alliance with Medscape Inc. Medscape's consumer health content will be integrated across AOL's online properties. AOL will also receive warrants to purchase shares in Medscape.


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