Stocks Lose Steam as Nets Close Lower
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Internet stocks lost momentum in afternoon trading as analysts remained rather quiet and investors pocketed some of their profits. Still, the Nasdaq remained above the 5,000 benchmark.
internet.com's Internet Stock Index was off 11.56, or 1.04 percent, to 1,100.40, the Nasdaq Composite added 1.77 to 5048.63 and the Dow Jones industrial average fell 81.91 to 9928.82.
Internet America (GEEK) gained 1-7/8 to 12-1/8. The Texas-based Internet provider announced 6,000 subscribers have signed up for its digital subscriber line (DSL) service.
Digital Lightwave Inc. (DIGL) rose 4-5/8 to 131-5/8. The company, whose products monitor the performance of fiber optic networks, was reiterated "attractive" by PaineWebber which expects the stock to hit $160 in the next year.
PurchasePro.com Inc. (PPRO) was off 7-1/8 to 123-5/8 to after hitting 140 earlier in the session. The electronic commerce service provider signed a deal with Office Depot Inc. to install kiosks feature its productions in 450 Office Depot stores.
CMGI Inc. (CMGI) lost 8-15/16 to 136-7/16 despite reporting better-than-expected earnings after Thursday's closing bell. The Internet incubator lost 74 cents a share in the second quarter, much lower than forecasts calling for a $1.28 loss. Also, US Bancorp Piper Jaffray reiterated its "strong buy" on the company.