RealTime IT News

Net Stocks End Flat

Internet stocks barely managed to finish in the plus column Monday thanks largely to a pullback in the B2B sector.

internet.com's Internet Stock Index was up 0.23, or 0.02 percent, to 1,080.50, the Nasdaq Composite slipped 4.90 lower to 4958.13 and the Dow Jones industrial average was off 86.87 to 11,025.85.

Spyglass Inc. (SPYG) rocketed 12-1/2 higher to 82-3/8. The maker of software for set-top boxes was purchased by OpenTV Corp. (OPTV) for $2.5 billion in stock. Shares of OPTV plunged 39-61/64 lower to 129-3/64.

Investors were pulling their money out of the B2B sector after strong gains last week. Internet Capital Group (ICGE) lost 3-3/4 to 106-3/8, Ariba (ARBA) dropped 13-3/4 to 245-13/16, and Commerce One (CMRC) gave up 10-3/8 to 213-5/16.

Much of the Dow's loss was due to selling in Microsoft Corp. (MSFT), which was down 7-5/8 to 104-1/16. Investors were concerned that a settlement of the antitrust case filed by the Justice Department and 19 states no longer appears imminent. The judge in the case is expected to release his final ruling later this week.

Qwest Communications (Q) rose 4-1/8 to 50-5/8. The company sealed a B2B Web hosting alliance with IBM Corp. (IBM) that's expected to net $5 billion in revenue.

Hoover's Inc. (HOOV) added 1-5/8 to 12-3/4. The online publisher of corporate information signed a deal with Microsoft to feature its content on MSN's MoneyCentral IPO Center.

Excite@Home (ATHM) gained 2-1/8 to 32-13/16 despite Prudential Securities cutting its price target to $80. The firm maintained its "buy" rating.


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