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RealTime IT News

Markets Fail in Recovery Attempt

Internet stocks were once again caught in a slump along with all the broader indices in midday trading Wednesday as profit-taking continued to rule. However, there were several standouts that had posted double-digit percentage gains.

Just before noon, internet.com's Internet Stock Index was off 2.37, or .42 percent, to 564.68, the Nasdaq Composite had fallen 23.33 to 2,849.10 and the Dow Jones industrial average had shed 60.79 to 10,356.27.

Most of the leaders were lower, including Ariba Inc. (ARBA) off 4-3/8 to 173, Amazon.com Inc. (AMZN) down 15/16 to 84, Broadvision Inc. (BVSN) had tumbled 8-3/16 to 168-3/4 and Real Networks Inc. (RNWK) fell 2-5/16 to 105.

eToys Inc. (ETYS) had fallen 3-1/8 to 77-5/8 after Goldman Sachs cut the company to "market outperform" from "trading buy."

E*Trade Group Inc. (EGRP) was up 1-5/32 to 26-9/16 despite reporting that revenues fell in its latest quarter. E*Trade attributed the drop to the introduction of discounted commissions for active traders. The company earned 11 cents in its fiscal fourth quarter, one penny lower than estimates. The company added 1 million accounts over the past year, however.

Ameritrade Holding Corp. (AMTD) was up 3/16 to 18-3/4. The company sealed a deal with Sprint PCS Group (PCS) to enable its customers to trade using wireless devices.

Elsewhere in the e-finance sector, DLJdirect (DIR) was unchaged at 15-5/16, National Discount Brokers Group Inc. (NDB) off 1/8 to 24-7/8 and Southwest Securities (SWS), parent of Mydiscountbroker.com had fallen 3/4 to 23-1/16.

Hoover's (HOOV) had climbed 1-3/8 to 12-3/16 after the company posted a lower-than-expected loss. Hoover's lost $3.3 million, or 29 cents a share, compared to an 18-cent loss in the year-ago period. Analysts had forecast a 39-cent loss.

ZDNet (ZDZ) had jumped 3-1/8 to 23-1/8 after Goldman Sachs' Michael Parekh raised his rating to "trading buy" from "market outperform."


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