Yen, AOL Take Toll on Internets
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The good news of Friday didn't carry over into the new week, as a negative report on America Online combined with a decline in the dollar compared to the Japanese yen caused the ISDEX to dive more than 4 percent.
internet.com's Internet Stock Index lost 22.03, or 4.26 percent, to 495.53, the Nasdaq Composite lost 42.28 to 2,844.78 and the Dow Jones industrial average gained 1.90 to 11,030.33.
America Online Inc. (AOL) lost 6-7/16 to 89-7/8. Shares were forced lower following comments by Doug Kass, manager of hedge fund Seabreeze Partners. Kass told Business Week AOL may be forced to lower its subscription fees as Microsoft Corp. (MSFT), AT&T Corp. (T) and others plan low-cost Internet access offerings.
That helped send other Internets lower, including Broadcom Corp. (BRCM) lost 9-11/16 to 109-5/16, CMGI Inc. (CMGI) slumped 5-5/8 to 84-1/4, DoubleClick Inc. (DCLK) ended off 2-11/16 to 105-1/16 and eBay Inc. (EBAY) dropped 10-1/16 to 147-15/16.
EMusic.com Inc. (EMUS) closed up 4-61/64. The company, which offers music for download over the Internet, jumped on news that it has secured rights to music from a number of leading independent retailers.
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