Internets Struggle to Break Even
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Shares of Internet stocks were slightly lower in midday trading Wednesday as investors were largely ignoring better-than-expected inflation data.
Just after noon, internet.com's Internet Stock Index was off .71, or .14 percent, to 506.35, the Nasdaq Composite was off 22.53 to 2,845.76 and the Dow Jones industrial average had climbed 13.20 to 10,923.63.
The consumer price index rose 0.3 percent in August, in line with expectations. The core rate, which excludes volatile food and energy prices rose only 0.1 percent, ahead of expectations of a 0.2 percent hike.
Among the leaders, America Online Inc. (AOL) was off 3/4 to 90-1/4, eBay Inc. (EBAY) had climbed 1-31/16 to 156-3/16, CMGI Inc. (CMGI) was up 1 to 86-15/16 and iVillage (IVIL) had slumped 1-15/16 to 34-7/8.
Xoom.com (XMCM) was up 3/8 to 36-11/16 and ValueVision International Inc. (VVTV) was off 5/8 to 27-1/4. The two companies will create a new home-shopping service which will have a presence on the Internet and television.
Verity Inc. (VRTY) was up 3-3/4 to 61. The Internet software company reported first-quarter earnings of 32 cents a share, trouncing analysts' estimates of a 16-cent profit. Revenue also rose 50 percent.
E-Net Inc. (ETEL) had soared 3-23/32 to 6-23/32 and IXC Communications Inc. (IIXC) lost 11/16 to 32-1/4. The data networking company will work with IXC to develop and market Internet telephony services through E-Net unit ZeroPlus.com Inc.
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