Tech Issues Continue to Slide
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Internet stocks fell in afternoon trading with all tech-related issues down due in part to a warning from Japanese officials who cautioned that nation's economy had again soured.
internet.com's Internet Stock Index lost 29.75, or 2.70 percent, to 1070.65, the Nasdaq Composite plunged 141.29 points lower to 4907.33 and the Dow Jones industrial average added 18.31 to 9947.13.
Internet Capital Group (ICGE) dropped 14-7/16 to 129-1/8, despite news that that ICGE will post a gain of about $290 million in its current quarter when Ariba (ARBA) completes its acquisition of Tradex Technologies. ICGE will own 1.45 million shares of Ariba.
iVillage Inc. (IVIL) inched up 1/8 to 24. The women's online community over the weekend received an unsolicited bid from Growth Capital Corp. seeking to purchase a 1.4 million-share stake for $22 a share. iVillage is recommending shareholders vote down the offer, which tentatively expires March 21.
Excite@Home (ATHM) gained 1-5/16 to 29-7/8. The high-speed Internet provider Monday announced @Home 2000, which will combine high-speed access and rich-media content, will launch March 27. The company is hoping it will help lure users away from No. 1 ISP America Online Inc. (AOL). AOL shares were up 2-5/16 to 60-15/16.
Lycos Inc. (LCOS) added a minimal 7/8 to 74-1/8. The online community network announced plans to take public Lycos Europe NV, a joint venture with Germany's Bertelsmann AG. The company plans to raise up to $751.3 million in an IPO.
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