Net Stocks Free-Fall
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Internet stocks continued their free-fall as investors await first quarter numbers. Business-business (B2B) e-commerce stocks took it on the chin again today after last week's strong gains.
internet.com's Internet Stock Index dropped 67.72, or 6.41 percent, to 988.95, the Nasdaq Composite plunged 189.22 lower to 4644.67 and the Dow Jones industrial average gained 84.16 to 11020.27.
CDnow Inc. (CDNW) dropped 1-9/16 to 3-1/2. Shares plunged after Arthur Andersen, CDnow's accountant, questioned the company's ability to continue operations. In its annual report filed Tuesday, CDnow estimates it only has enough cash remaining to operate through Sept. 30.
Excite@Home (ATHM) rose 3-3/8 to 37-11/16. The cable Internet provider reached new distribution deals with several of its cable partners. The deals will lead to the opening of Excite@Home lines to other Internet providers wishing to offer high-speed service to their customers. Also, the company announced it was no longer planning to establish a tracking stock for its Internet properties.
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