Net Stocks Give Way to Blue-Chip Bounce
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Blue chips, battered Tuesday by heavy losses from Proctor & Gamble, were regaining the spotlight Wednesday, advancing ahead of Internet and technology shares.
At 11:45 a.m. Eastern, internet.com's Internet Stock Index had fallen 16.47, or 1.56 percent, to 1,037.54, the Nasdaq Composite was off 51.86 to 4,795.98 and the Dow Jones industrial average had climbed 57.09 to 9,853.12.
Several recent high-fliers were giving back Wednesday, including Broadcom Corp. (BRCM), off 19-1/2 to 223-1/2, Exodus Communications (EXDS), falling 7-1/2 to 151-1/8, Juniper Networks (JNPR), down 10-11/16 to 268, Network Solutions Inc. (NSOL) falling 22-29/32 to 384-1/2 and Sportsline.com (SPLN) down 4-3/16 to 47-5/16.
Some of the day's biggest gainers included Beyond.com Corp. (BYND), up 1-7/16 to 6-9/16. The online software retailer Wednesday said the Internal Revenue Service renewed a contract for it to deliver software electronically to the agency's computers.
I2 Technologies Inc. (ITWO) had jumped 18-13/16 to 187-1/4. The company, whose software links suppliers and manufacturers, formed a deal with Ariba and IBM Corp. (IBM) to offer electronic commerce services to businesses. IBM will also take minority stakes in both companies.
Internet Capital Group Inc. (ICGE) had fallen 4-59/64 to 136-1/4. The company Wednesday invested $655 million in cash and stock in RightWorks, a maker of procurement software.
Engage Technologies (ENGA) had fallen 8 to 170. The Internet ad company reported a fiscal second-quarter loss of 52 cents a share, 6 cents better than analysts were expecting. The company also announced plans for a 2-for-1 stock split.
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