RealTime IT News

Stocks Tumble After Nasdaq Reaches Record High

Internet issues were down for the most part, despite a strong showing by the Nasdaq composite which briefly crossed the 4,000 milestone before settling lower.

Business-to-business (B2B) e-commerce stocks stole the show for the second straight day as Commerce One hit another unprecedented benchmark.

internet.com's Internet Stock Index lost 15.17, or 1.74 percent, to 857.17, the Nasdaq Composite jumped 32.14 to 3969.44 and the Dow Jones industrial average soared 202.16 to 11405.76.

Commerce One (CMRC) continued surging ahead of the company's 3-for-1 stock-split. Shares rose 48 to 598 and are up more than 150 points over the past three consecutive days.

Customer service software company, Silknet Software (SILK) added 13 to 138, Ariba (ARBA) jumped 21-1/8 to 162, and PurchasePro.com (PPRO) tacked on 3-3/4 to 142.

Net Creations Inc. (NTCR) surged 10-1/16 higher to 50-3/16. The opt-in e-mail marketing company continues climbing after announcing a cooperative database initiative for e-mail list owners earlier in the week.

Inktomi (INKT) rose 15 to 191-1/2. Merrill Lynch's Henry Blodget Thursday raised his rating to near-term "accumulate" from near-term "neutral." He also raised the price target to $225.

Juno Online Services (JWEB) slumped 15-1/16 to 46-3/16 on news of the company's plans for an additional stock offering. The number of shares to be floated will be announced in January. The stock had been on a tear earlier this week after Juno added free Internet access to its product line.

Tumbleweed Communications Corp. (TMWD) soared 17-9/16 to 82-1/2. ING Barings started coverage on Wednesday with a "buy" rating.

U.S. markets will be closed on Friday in observance of the Christmas holiday. Happy holidays and enjoy the weekend.

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