Dow Soars As Internets Pause
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Nasdaq climbed almost 100 points after the open Thursday only to fall sharply as money flowed out of technology into several blue-chip sectors, such as banking, pharmaceutical and retail shares.
Just before noon Eastern, internet.com's Internet Stock Index was off 8.60, or .88 percent, to 963.45, the Nasdaq Composite had fallen 23.42 to 4,559.20 and the Dow Jones industrial average had soared 339.48 to 10,469.89.
The day's worst Internet performer was online grocer Peapod Inc. (PPOD) which had plunged 4-9/16 to 3-1/4. The firm lost a $120 million investment after its president and chief executive officer announced his resignation, citing health reasons. Peapod said it is exploring several alternatives, including a sale.
Most Internet leaders were trading in the red with the exception of eBay Inc. (EBAY) which was up 3/8 to 189-7/8 after hitting 204 earlier in the day. The online broker is reportedly looking for financial partners in Japan to create an online payment system for its business partners there.
Launch Media (LAUN) had added 1 to 20-7/8 on news it is forming a partnership with Japan's Softbank Publishing, Yahoo! Japan and Tokyo Broadcasting System.
Rare Medium Group (RRRR) had fallen 3-11/16 to 62-1/2. The Internet software company sold 3 million shares at $62 in a secondary offering.
Tele1 Europe Holding AB (TEUR) shares had climbed 4-1/2 to 23 shortly after its debut. The Swedish Internet and telecommunications firm sold 33.4 million American depositary shares.
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