Commodity Prices Drag Down Stocks
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A sharp rise in oil prices gave investors concerns today about inflation, leading all major U.S. markets to fall.
internet.com's Internet Stock Index lost 7.58, or 1.13 percent, to 663.05, the Nasdaq Composite closed down 26.15 to 3,269.37 and the Dow Jones industrial average tumbled 49.24 to 10,883.09.
CMGI Inc. (CMGI) was up 21 to 124-3/4. Goldman Sachs & Co. initiated coverage with a "market outperform" rating. The brokerage also set a $150 price target. Also, the CEO of CMGI announced that he believes his company will be the second-largest Net firm in terms of revenue by the end of its fiscal year in July.
Network Solutions (NSOL) signed a deal with Yahoo! (YHOO) . The domain registration service will be marketed on the portal site. Network Solutions closed down 9-7/16 and Yahoo! was down 6-3/8 to 206-3/16.
Flycast Communications Corp. (FCST) leaped 11-1/4 to 57-7/8, just short of a 52-week high set earlier in the session. The Internet advertising company announced deals with a number of agencies and advertisers.
The day wasn't as lucky for Phone.com Inc. (PHCM) , off 8-1/4 to 135-1/16. The company, whose software allows wireless phones to access the Internet, announced plans to offer another 6.6 million shares at $135 each in a secondary offering that will raise $891 million.
The IPO market was strong today. American depositary receipts of online service provider Korea Thrunet Co. Ltd. (KORE A) surged 17-1/16 to 35-1/16. The company raised $181.8 million and the lead underwriter was Lehman Brothers.
Terra Networks (TRRA) , the first Spanish company to list on the Nasdaq, closed up 25-1/4 to 38-1/4. The company sold 38 million shares at $13.41 a share, raising $502 million. Terra offers voice, video and data services throughout Latin America and the United States.
SciQuest announced it has raised the price range from $10-$12 to $12-$14 of its IPO. The company is a B2B site for the biosciences industry. The lead underwriter is Donaldson, Lufkin & Jenrette.
Agilent Technologies increased the price range on its IPO from $19-$22 to $26-$28. The company, which is a spin-off of Hewlett-Packard (HWP), is a leader in the diagnostic equipment industry. The lead underwriter is Morgan Stanley.
CacheFlow raised its price range on its IPO from $11-$13 to $18-$20. The company develops technology for speeding-up content delivery on the Web. The lead underwriter is Morgan Stanley.
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