Durable Goods Slide Prompts Net Stock Slide
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Internet stocks were trading down Tuesday following a report that durable goods orders slipped 1.3 percent in October, sharply lower than economists had forecast. Still the sector was faring much better than tech stocks and blue chips.
Just before noon Eastern, internet.com's Internet Stock Index was off 9.30, or 1.32 percent, to 696.19, the Nasdaq Composite had tumbled 44.84 to 3,347.72 and the Dow Jones industrial average was off 50.84 to 11,038.68. Still, it's been an incredible run for the Nasdaq which has set 14 records in the last 17 sessions.
Among the leaders taking it on the chin were Juniper Networks Inc. (JNPR) off 10-3/8 to 292-5/8, Yahoo! Inc. (YHOO) down 6-5/16 to 220-1/2, Inktomi Corp. (INKT) falling 4-1/2 to 130-5/8 and Priceline.com Inc. (PCLN) down 3-15/16 to 62-13/16.
MP3.com Inc. (MPPP) was up 1 to 39-11/16. The company signed a two-year deal with Freei.Net. MP3 will offer Freei.Net's free Internet access and in return will receive a link on Freei.Net's welcome screen directing them to downloadable music.
Internet Capital Group Inc. (ICGE) was off 7 to 175-7/16. The company filed to sell 6 million shares and $250 million in convertible subordinated notes in a secondary offering. Also, the company's board approved a 2-for-1 stock split.
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