Tech Index Flirts With Milestone
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Investors cheered the Nasdaq Composite past 3,000 before the midpoint of Tuesday's session although the technology-heavy index was unable to end Tuesday above the milestone.
internet.com's Internet Stock Index closed off 6.21, or 1.10 percent, to 560.66, the Nasdaq Composite climbed 13.96 to 2,981.61 and the Dow Jones industrial average ended down 66.67 to 10,581.84.
Stamps.com (STMP) fell 9-1/8 to 45-1/2. The company Tuesday filed for a secondary offering of 5 million shares, priced at $57.50 a share. Also, America Online Inc. (AOL) increased its stake to 11 million shares.
Leaders were mixed, with Ariba Inc. (ARBA) up 8-5/16 to 168-15/16, Broadcom Corp. (BRCM) adding 3-5/8 to 141-5/8, BroadVision Inc. (BVSN) tumbling 6-9/16 to 74-3/8, Junipter Networks (JNPR) closing off 3-5/16 to 265-1/4, and Network Solutions Inc. (NSOL) falling 6-3/4 to 116-1/4.
Newbridge Networks Corp. (NN) had tumbled 5-1/16 to 15-11/16. Alan Lutz, the cokmpany's president and chief operating officer left the network equipment maker after the company predicted its fiscal second-quarter profit will only be 8 to 10-cents a share.
Etoys Inc. (ETYS) had tumbled another 4-11/16 to 50-3/8 as shares continue to fall now that the lockout period is over for insiders. That means as much as 10 percent of the company's stock may be sold. However, the company did announce a deal to partner with The Gap in a cross-promotional campaign for this Christmas.
On the IPO front, Webvan announced that it was delaying its IPO until Wednesday. The company had to delay its IPO several weeks ago because of excessive publicity. The lead underwriter is Goldman Sachs and the price range is $11-$13. The company sells groceries online.
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