Net Stocks Off to Slow Start
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Internet stocks were trading lower at midday Monday as investors were taking profits in a number of high-flying e-commerce stocks.
At 11:30 a.m. Eastern, internet.com's Internet Stock Index was off 8.13, or 0.91 percent, to 886.49, the Nasdaq Composite had gained 4.58 to 4,239.98 and the Dow Jones industrial average had fallen 26.37 to 11,225.34.
Among the leaders taking a hit, Broadcom Corp. (BRCM) was off 14-9/16 to 297-7/8, eBay Inc. (EBAY) was off 7-1/4 to 143-1/4, Network Solutions Inc. (NSOL) had lost 15-5/8 to 256 and Verisign Inc. (VRSN) was down 8-3/16 to 199-3/4.
MP3.com Inc. (MPPP) was off 1-15/16 to 27-11/16. Over the weekend, the company confirmed the Recording Industry Association of America had hit it with a copyright infringement lawsuit. The suit centers around its personalization initiative.
Quintiles Transnational Corp. (QTRN) had soared 6-5/16 to 30-3/4 and Healtheon/WebMD Corp. (HLTH) had gained 7-7/8 to 67-7/16. Healtheon is paying $2.5 billion in stock and cash to pay Quintiles, which conducts clinical drug trials.