Nasdaq Slips Further to Net Stocks' Dismay
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Internet issues were lower for the third straight day, pushing the Nasdaq to the second biggest point loss in its history. Investors continue to cash out after record rallies only a week ago.
internet.com's Internet Stock Index dropped 56.42, or 6.78 percent, to 775.47 and the Nasdaq Composite plunged another 150.36 to 3727.18 Blue chips continued their recovery, sending the Dow Jones industrial average up 130.61 to 11253.26.
One of the biggest gainers was The Cobalt Group (CBLT) , up 13-5/8 to 24-1/8. The company, which provides e-commerce services for auto dealers, unveiled plans to launch a B2B dealer Web site. Robertson Stephens reiterated its "buy" rating and $50 price target.
Commerce One (CMRC) lost 26-1/8 to 188-3/8. The business-to-business software company announced a definitive agreement with Mexico's Grupo Financiero Banamex-Accival, a leading financial group, that will offer a B2B electronic marketplace for Latin America.
The leaders responsible for the sector's recent run-up fell apart on Thursday. Ariba Inc. (ARBA) was off 22-1/4 to 150-1/8, Broadvision Inc. (BVSN) lost 30-5/8 to 129-1/4, Doubleclick Inc. (DCLK) fell 29 to 199, Exodus Communications (EXDS) tumbled 3-9/16 to 86-3/8 and Goto.com Inc. (GOTO) declined 7-3/8 to 66-1/8.
Barnesandnoble.com Inc. (BNBN) gained 5/8 to 14-13/16. The online book retailer reported sales of $81.5 million in the fourth quarter -- triple last year's numbers. For the year, sales were also up more than 300 percent to $200 million.
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