Broad Market Downturn Drags Internets Lower
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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.
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."
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