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RealTime IT News

Net Stocks Free-Fall

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.

Shares of Ariba (ARBA) were down 26-1/8 to 226-1/8, Commerce One (CMRC) finished 23 lower to 183, and VerticalNet (VERT) lost 21-1/4 to 160.

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.

eBay Inc. (EBAY) lost 24-13/16 to 199 and Inktomi Corp. (INKT) gave up 23 to 182.

Other big losers included Infospace.com Inc. (INSP), down 21-5/8 to 145-1/6, Network Solutions Inc. (NSOL) 22-5/8 lower to 181 and Yahoo! Inc. (YHOO), which fell 17-15/16 lower to 177-1/16.

Multex.com (MLTX) slipped 2-9/16 to 31-9/16. The online provider of investment information fell after Prudential Securities issued a "hold" rating on the stock.

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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