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RealTime IT News

Strong NAPM Numbers Pull Down Markets

A stronger-than-expected report from the National Association of Purchasing Management was pulling down blue chips and techs, although Internet stocks were only seeing minimal losses.

internet.com's Internet Stock Index was off 1.27, or .24 percent, to 525.98, the Nasdaq Composite had fallen 19.08 to 2,727.08 and the Dow Jones industrial average had tumbled 93.08 to 10,243.87.

The NAPM reported Friday that a survey of executives showed prices paid by factories rose to their highest level in more than four years, once again fueling speculation that the Federal Reserve may raise interest rates when it meets later this month.

Stocks in the news included Excite@Home Corp. (ATHM) which was up 2-13/16 to 44-1/4 and AT&T Corp. (T), off 15/16 to 42-9/16.

Both companies late Thursday issued statements confirming they had held talks with unnamed third parties regarding AT&T's stake in the cable Internet provider.

Sun Microsystems Inc. (SUNW) was off 1-11/16 to 91-5/16 after announcing it will make the source code to its Solaris version of Unix available free for non-commercial use.

eBay Inc. (EBAY) was down 1-1/2 to 139-9/16 after announcing plans to open 50 regional Web sites by year's end. The sites are an effort to lure advertising that normally goes in a newspaper's classified ad section.

Among other Internet leaders, America Online Inc. (AOL), which has been rumored to be vying for Excite@Home's cable Internet business, was up 2-9/16 to 106-5/8, Xoom.com Corp. (XMCM) had climbed 3-5/8 to 53-1/4, CMGI Inc. (CMGI) was off 2 to 100-1/2, Doubleclick (DCLK) was down 4-1/2 to 114-5/8 and Inktomi Corp. (INKT) had fallen 4-13/32 to 115-5/8.

Finally, four new issues were added to the ISDEX effective Friday. They were iXL Enterprises (IIXL), MP3.com (MPPP), eToys (ETYS), Ameritrade Holding Corp. (AMTD) and Net2Phone (NTOP).


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