Market Makes End-of-Week Slide
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Internet issues headed south along with blue chips and technologystocks in afternoon trading Friday, despite better-than-expected earnings and analyst moves.
internet.com's Internet Stock Index fell 23.43, or 2.48 percent, to921.72, the Nasdaq Composite plunged 137.09 lower to 4411.83 and the Dow Jones industrial average dropped 295.05 to 10219.52.
Internet Capital Group (ICGE) gave up 2-1/4 to 114-1/2. The business-to-business (B2B) e-commerce holding company announced a joint venture with Dupont. The plan is to create a B2B hub specializing in verticals such as apparel, chemicals and construction.
Brocade Communications Systems Inc. (BRCD) rocketed 32-1/4 higher to 275-7/8. The maker of networking equipment reported fiscal first quarter earnings of 12 cents a share. That beat analyst expectations by 4 cents.
Hoover's Inc. (HOOV) added 1-25/32 to 10-3/4. David Simons, managing director of Digital Video Investments, told Business Weekthe business information provider may be an acquisition target and is currently priced below its fair value.
In the losing column was Global Crossing Ltd. (GBLX) , down 8-1/16 to 53. The fiber-optic network builder's fourth-quarter loss more than tripled due to high network construction costs.
IXL Enterprises Inc. (IIXL) was off 4-3/16 to 35-13/16. The company was downgraded to "accumulate"from near-term "buy" by Merrill Lynch.