RealTime IT News

Wage Report Leads Net Stocks Down

Internet stocks fell from their mid-day levels as economic figures indicated a faster-than-expected increase in wages during January. The increase perpetuated speculation the Federal Reserve will again hike interest rates to slow down the economy.

internet.com's Internet Stock Index (ISDEX) slipped 6.96, or 0.77 percent, to 891.89, the Nasdaq Composite gained 33.16 to 4244.14 and the Dow Jones industrial average fell 49.64 to 10963.80.

eMerge Interactive (EMRG) didn't dissapoint in its long awaited debut. The online hub for the cattle industry priced 8 million shares at $15 each, raising $120 million. The lead underwriter for the deal is Adams Harkness & Hill. Shares surged 32-1/4 higher to 47-1/4.

eBay Inc. (EBAY) jumped 3-1/16 to 168-1/16 despite reports the Department of Justice is looking at eBay's actions designed to limit access to its site from competitors, such as bots and crawlers.

Viant Corp. (VIAN) was up 5-5/8 to 105-5/8. The Internet professional services provider Thursday reported $23.7 million in sales during its latest quarter. Also, CS First Boston reiterated its "strong buy."

Doubleclick Inc. (DCLK) fell 9-11/16 to 97-1/16. The Internet ad company Friday filed to sell another 7.5 million shares.

CNET Inc. (CNET) dropped 1 point to 51. The Web site operator reported a loss of 40-cents a share in its latest quarter, 4 cents better than expectations.

Netcentives (NCNT) lost 2-1/2 to 61-7/8. The company, which provides tools to Internet marketers, was giving back gains from Thursday that were the result of better-than-expected earnings.

NBC Internet Inc. (NBCI) plunged 9-3/8 to 72. The company priced 4.6 million shares late Thursday that will be floated in a secondary offering.

Enjoy your weekend.

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