Internet issues stay afloat, despite a mid-day sell-off.
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A positive shopping report from this morning's Wall Street Journal helped Internet issues stay afloat, despite a mid-day sell-off. Strong shopping numbers from portal leader, Yahoo! added to the optimism and sent its shares higher.
internet.com's Internet Stock Index lost 4.49, or 0.52 percent, to 852.68, the Nasdaq Composite jumped 5.94 to 3975.38 and the Dow Jones industrial average gave up 14.68 to 11391.08.
Business-to-business (B2B) e-Commerce stocks remained the hot sector for Internet investors. Commerce One (CMRC) surged 57-1/8 higher to 256-7/16. Shares moved up over 175 points last week in anticipation of the stock's 3-for-1 split. Post-split, shares show no signs of slowing down as investors rally behind the B2B procurement software provider.
Priceline.com (PCLN) lost 5/8 to 54-3/8, following a report from the Wall Street Journal that PCLN is prepared to launch a new Web site named Perfect YardSale. The YardSale site will allow users to auction off and bid on "quality second-hand goods" and will compete directly with the Internet auctions run by eBay Inc. (EBAY) , Amazon.com Inc. (AMZN) and Yahoo!. Shares of EBAY lost 8-5/16 to 134 and AMZN dropped 8-7/8, closing to 81-1/8.