Intel Takes Toll on Internets, Techs
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In the wake of Intel's worse-than-expected earnings report, Internet shares continued their downward spiral Wednesday.
internet.com's Internet Stock Index was off 21.79, or 3.84 percent, to 545.26, the Nasdaq Composite had fallen 70.89 to 2,801.54 and the Dow Jones industrial average had shed 177.94 to 10,239.12.
E*Trade Group Inc. (EGRP) was up 7/32 to 25-5/8 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.
Hoover's (HOOV) had climbed 1-3/16 to 12 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.
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