RealTime IT News

Net Stocks Drop as Profit Taking Continues

Internet issues fell below their mid-day levels as investors pocketed profits and remained on the sidelines.

internet.com's Internet Stock Index was down 1.89, or 0.20 percent, to 926.18, the Nasdaq Composite gained 23.10 to 4418.55, and the Dow Jones industrial average was up 94.63 to 10519.84.

i2 Technologies (ITWO) announced it has entered into an agreement with United Technologies (UTX) and Honeywell International (HON) to create MyAircraft.com. The joint venture will be focused on developing and operating an open electronic marketplace for aerospace products and services available to all industry participants. Shares of ITWO rocketed 19-1/8 higher to 259-7/8.

Among the leaders, Cisco Systems Inc. (CSCO) was off 7/16 to 130-1/2, Doubleclick Inc. (DCLK) lost 2-11/16 to 108-7/16, eBay Inc. (EBAY) matured 3/4 to 154-1/8 and Yahoo! Inc. (YHOO) dropped 5-9/16 to 165-3/4 after its recent split.

CMGI (CMGI) announced it will acquire Tallan, an online transaction processor, in a deal valued at approximately $920 million. Shares added 3-7/16 to 115-1/2.

Internet Capital Group (ICGE) announced it has acquired a $33 million stake in TALPX Inc, a company that offers electronic trading to the North American lumber and panel industry. Shares of ICGE were unchanged on the day.

CNET (CNET) gained 2-1/4 to 52-1/16 after WR Hambrecht initiated coverage with a "market perform" and $100 price target.

Chemdex (CMDX) was up 1/2 to 125-1/2 after Morgan Stanley started coverage Monday with an "outperform."

WebMethods Inc. (WEBM) added 2-7/8 to 215-1/2 after a 500 percent rally in its public debut last Friday.

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