Leaders Minimize Damage to ISDEX As Tech Selloff Continues
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Blue chip and technology shares continued to fall Friday, suffering from a "flight to quality" as investors were turning to bonds. However, damage to the ISDEX was minimal thanks to a few familiar names that were holding up the sector.
Just before noon, internet.com's Internet Stock Index was off 0.11, or .02 percent, to 496.11, the Nasdaq Composite had slumped 54.61 to 2,695.22 and the Dow Jones industrial average was off 93.08 to 10,225.51.
Copper Mountain Networks Inc. (CMTN) had jumped 7-9/32 to 84-5/8. The high-speed Internet equipment maker was raised to a "strong buy" from "buy" by U.S. Bancorp Piper Jaffray. The firm set a $100 price target.
The other leaders were mixed, with Broadcom Corp. (BRCM) off 1/4 to 106-7/16, Broadvision Corp. (BVSN) was up 3/16 to 125, Yahoo! Inc. (YHOO) up 3-1/4 to 177, eBay Inc. (EBAY) had climbed 2-5/8 to 140-7/8 and Lycos Inc. (LCOS) up 1-3/16 to 44-9/16.
The day's IPOs were mixed. Online sweepstakes promotion company Webstakes.com (IWIN) was off 1-1/2 to 12-1/2. The company sold 3.575 million shares at $14. Bear Stearns, ING Barings, Thomas Weisel Partners and Wit Capital managed the offering.
Free Internet provider NetZero Inc. (NZRO) had vaulted 10-1/8 to 26-1/8. The company sold 10 million shares at $16. Goldman Sachs, Donaldson Lufkin Jenrette, Hambrecht & Quist and Wit Capital were the managing underwriters.
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