Internets Take Breather; Nasdaq on Verge of Ending Record Run
Page 1 of 1
Technology and Internet issues were mostly lower in midday trading Tuesday as the sectors were losing some steam following the Nasdaq Composite's eight-day record run.
Just before noon Eastern, internet.com's Internet Stock Index had lost 10.92, or 1.75 percent, to 613.48, the Nasdaq Composite was off 33.15 to 3,110.82 and the Dow Jones industrial average had tumbled 106.73 to 10,612.12.
America Online Inc. (AOL) was off 4-13/16 to 145-9/16 and Universal Music Group, a unit of Seagram Co. Ltd. (VO) was down 1/8 to 48-3/16. The two companies Tuesday launched a new Internet-based record label that will target young adults.
The news led BancBoston Robertson Stephens' John Powers to reiterate his "buy" rating.
ALL NEW! internet.com's HotWatch a monthly e-mail subscription for $99, featuring Internet Stock Report's top 10 noteworthy Internet stocks for the month. Each month you will receive in-depth analysis on the top 10 Internet stocks to watch with the information you need to assess the fast-paced nature of Internet stocks. Staying on top of market changes in the Internet Stock market is what counts. For $99 per year, you receive 12 timely issues sent to you by e-mail. Don't wait, our next issue will be out before you know it with a whole new perspective on the market. Sign up today at: e-newsletters