RealTime IT News

Broad Market Downturn Drags Internets Lower

Internet stocks were mostly lower, along with all the major indices, as investors choose to focus on a falling dollar and a rising bond yield which kept them mostly on the sidelines.

Just before noon, internet.com's Internet Stock index was off 7.44, or 1.27 percent, to 578.71, the Nasdaq Composite had fallen 10.33 to 2,905.62 and the Dow Jones industrial average had fallen 126.64 to 10,521.54.

All the major Internets were off, including America Online Inc. (AOL) which Tuesday inked a deal with Universal Studios to put kiosks featuring AOL inside Universal's theme parks. AOL was off 2-9/16 to 118-1/2.

Amazon.com Corp. (AMZN) was off 1-5/8 to 86-3/4, Excite@Home Corp. (ATHM) had lost 1-9/16 to 46-5/8, CMGI Inc. (CMGI) had fallen 2-3/8 to 107-1/4, Juniper Networks (JNPR) had tumbled 5-3/8 to 238-5/8 and Yahoo! Inc. (YHOO) was down 5-3/16 to 176-3/16.

The big winner of the session was E.piphany Inc. (EPNY) which had soared 13, or 25 percent, to 65. The company, whose software analyzes customer data on the Internet, sealed a deal with Amazon.com.

Homestore.com (HOMS) was off 1-7/8 to 46-1/4 after purchasing Homefair.com for $85 million.

Stamps.com Inc. (STMP) leaped 3-1/4 to 36 after reaching a deal with IBM Corp. (IBM) to put its postage software on IBM's Aptivas.

Modem Media Poppe Tyson (MMPT) had jumped 10-1/4 to 50 after saying third-quarter revenues will exceed $21 million. BancBoston Robertson Stephens also reiterated its "strong buy."

Phone.com (PHCM) had gained another 12 to 217. Shares continued to benefit from Monday's deal with Ireland's Apion Ltd.

Other strong movers included NetZero (NZRO) which had gained 1-1/16 to 32-5/16, Net2Phone Inc. (NTOP) up 3-1/2 to 66 and Mp3.com Inc. (MPPP) had jumped 3-7/8 to 47-1/2.

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