B2Bs Make Gains as Tech Markets Fall
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B2B momentum and and an agreement between Internet Gold and Microsoft sent certain Internet issues higher as the Nasdaq flirted with, but closed south of the 4,000 mark.
internet.com's Internet Stock Index fell 5.77, or 0.68 percent, to 846.91, the Nasdaq Composite lost 3.27 to 3972.11 and the Dow Jones industrial average rose 85.63 to 11476.71.
Shares of Internet Capital Group (ICGE) recovered from a big mid-day sell-off, falling only 1-1/2 to 176-1/8. ICG was announced as the lead investor in a $11 million round of financing for RetailExchange.com. The B2B exchange will provide an online forum that allows pre-qualified buyers and sellers to trade excess consumer goods. The site is set to launch on February 14, 2000 with an initial focus on women's apparel and home goods categories.
Alloy Online (ALOY) jumped 2-15/16 to 14-15/16. The online destination for Generation Y announced a record-breaking 1999 holiday shopping season. Total merchandise shipment value for December 1999 increased approximately 400 percent compared to December 1998.
eToys (ETYS) powered 3-1/16 higher to 29. The toy etailer is rebounding after hitting an all-time low of 24-1/2 this morning. Investors are rallying behind the stock as it will report 75 percent of its total revenues in the current fourth quarter.
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