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RealTime IT News

Internets Take Back Seat to Blue Chips

Internet stocks were trading lower Tuesday as blue-chip stocks stole the show buoyed by strong gains in the financial sector and a strong surge in the consumer confidence index.

Just before noon Eastern, internet.com's Internet Stock Index had shed 13.32, or 1.84 percent, to 706.21, the Nasdaq Composite was off 5.90 to 3,415.47 and the Dow Jones industrial average had jumped 85.18 to 11,033.10.

The Conference Board Tuesday reported its consumer confidence index jumped to 135.8 in November from a revised 130.5 in October. November's mark is the best showing since August and reverses four straight declines. The board's consumer index measures consumers' expectations for the economy during the next six months.

One of the day's biggest movers was Webvan Group Inc. (WBVN), up 3-9/16 to 28-1/4. The online grocer Tuesday announced plans to expand into Chicago, Seattle, Washington, D.C., and Dallas.

NBCi had fallen to 80-7/8 after debuting at 90-1/2 Tuesday morning. NBC combined its Internet assets, which include Snap! and Xoom.com, into a new publicly-held company.

Amazon.com Inc. (AMZN) was off 3-13/16 to 86-5/8. The company Tuesday acquired Back to Basics Toys which specializes in rare, classic toys.

America Online Inc. (AOL) had shed 2-3/8 to 76-5/8. Investors were fretting over news that the company plans to issue about $1.25 billion in zero-coupon convertible notes to raise funds for corporate expenses.


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