Internets Post Steep Losses for Second Consecutive Session
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Internet investors were breathing easier by the close after all indices made strong rebounds from a steep sell-off.
After plunging 93.12 by noon, the Nasdaq showed signs of life as did the ISDEX, recovering from a 46 point drop at mid-day trading. Still, Internet issues were lower for the second straight day.
internet.com's Internet Stock Index lost 25.25, or 2.95 percent, to 831.89, the Nasdaq Composite dropped 24.07 to 3877.62 while the Dow Jones industrial average rebounded 124.72 to 11122.65.
Red Hat Inc. (RHAT) rocketed 41 points higher to 256. The Linux OS provider bought privately-held Hell's Kitchen Systems for $85 million in stock. (Click here for a profile of Open Source/Linux stocks.)
Amazon.com Inc. (AMZN) dropped 12-3/16 to 69-3/4. The e-tail giant reported holiday sales more than tripled to $2.6 billion in 1999. However, it still expects to report a loss for the year. Robertson Stephens downgraded the etailer from "strong buy" to "buy."
Among the leaders, Ariba Inc. (ARBA) lost 12-5/8 to 172-3/8, Broadcom Corp. (BRCM) was down 6-11/16 to 248-1/2, Broadvision Inc. (BVSN) tumbled 10-7/16 to 159-7/8 and Doubleclick Inc. (DCLK) was off 9-1/16 to 228.
There were several bright spots in the sector, however, including Real Networks Inc. (RNWK) , up 11/16 to 118-1/8. Real and Yahoo! Inc. have reached a deal to keep Real content available on Yahoo!'s Broadcast.com unit. Also, Real released the final version of Real Player 7.