Nasdaq Record Highlight of Quiet Session
Page 1 of 1
Internet stocks ended up only marginally Monday as the Columbus Day holiday caused many to stay out of the market. The Nasdaq did manage to set a new record giving investors something to cheer about.
internet.com's Internet Stock Index closed up 0.68, or .12 percent, to 586.15, the Nasdaq Composite ended up 29.47 closing at a record 2,916.04 and the Dow Jones industrial average was down 1.58 to 10,648.18.
As for the Net leaders, Ariba Inc. (ARBA) ended up 6-15/16 to 183-15/16, Juniper Networks (JNPR) gained 31 to 244, Yahoo! Inc. (YHOO) ended off 10-3/4 to 181-3/8, Doubleclick Inc. (DCLK) closed down 4-1/8 to 132-1/4, CMGI Inc. (CMGI) lost 2-7/8 to 109-5/8 and America Online Inc. (AOL) gave back 15/16 to 120-7/8.
Extreme Networks (EXTR) rose 4-7/8 to 76-1/4. The company, which develops switching solutions for local area networks, indicated to analysts that its earnings would range from 7 to 8 cents, compared to the expectations of 5 cents.
Finally, the e-finance sector was coming under pressure following a profit warning from Knight/Trimark Group Inc. (NITE) . Knight, the Nasdaq's biggest market maker, was off 3-19/32 to 26-3/8. The company, which handles the trades for many online brokers, said a drop in trades by retail investors will cut its third-quarter earnings substantially, bringing them below estimates.
Knight is expecting to report a profit of 17 to 19 cents a share, far below the 30 cents a share analysts had expected.
That news put Internet brokerages under pressure. Ameritrade Holding Corp. (AMTD) was off 7/8 to 18-7/8, E*Trade Group Inc. (EGRP) had fallen 15/16 to 25-15/16, National Discount Broker Group Inc. (NDB) was off 5/8 to 25-3/8 and Southwest Securities (SWS) was down 1/2 to 24-1/4.
On the IPO front, Women.com announced it had lowered its price range from $10-$12 to $8-$10. The company had been postponed during the late summer. The lead underwriter is Morgan Stanley.
ALL NEW! internet.com's HotWatch a monthly e-mail subscription for $99, featuring Internet Stock Report's top 10 noteworthy Internet stocks for the month. Each month you will receive in-depth analysis on the top 10 Internet stocks to watch with the information you need to assess the fast-paced nature of Internet stocks. Staying on top of market changes in the Internet Stock market is what counts. For $99 per year, you receive 12 timely issues sent to you by e-mail. Don't wait, our next issue will be out before you know it with a whole new perspective on the market. Sign up today at: e-newsletters