Sell-Off Continues in Tech, Internet Shares
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Blue chips continued to steal the limelight from Internet and technology stocks Thursday as investors continued dumping the latter two groups amid continued warnings the sectors are overvalued.
At 12:30 p.m. Eastern, internet.com's Internet Stock Index had dove 38.07, or 3.85 percent, to 950.88 and the Nasdaq Composite had plunged 144.98 to 4,499.69. In contrast, the Dow Jones industrial average had gained 55.84 to 11,074.56.
Needless to say, some of the heaviest Internet losers were many of the stocks that have posted the biggest run-ups over the past several weeks. They included Ariba Inc. , was down 5-1/8 to 221, Cisco Systems Inc. (CSCO), was off 2-7/8 to 73-3/16, Exodus Communications Inc. (EXDS), losing 8-1/8 to 143-15/16, Go2Net Inc. (GNET) had lost 6-5/8 to 82-1/8 and Inktomi Corp. (INKT) had shed 8 to 174.
Infospace.com Inc. (INSP) had plunged 15-9/16 to 129-1/2, Juniper Networks Inc. (JNPR) was off 18-1/16 to 269-15/16, Network Solutions Inc. (NSOL) was off 15-1/2 to 165-1/2 and merger partner VerticalNet (VERT) was off 11-9/16 to 148-7/16 and Verisign Inc. (VRSN) had given up 14-1/4 to 155.
One of the day's few success stories was Primedia Inc. (PRM), up 5-5/16 to 32-7/16. Internet incubator CMGI Inc. (CMGI) took a 5 percent stake in the firm and announced plans for the two to develop new Internet-based ventures.
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