Net Stocks Tack on Another Loss
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Internet stocks remained volatile throughout the trading day Thursday and finished lower for the third straight session. Infospace continued its plunge into the abyss while share of LifeMinders.com were bucking the trend.
internet.com's Internet Stock Index lost 39.38, or 3.98 percent, to 949.57, the Nasdaq Composite dropped 186.52 to 4458.15 plunged 144.98 to 4,499.69 and the Dow Jones industrial average slipped 38.16 to 10980.56.
Lifeminders.com (LFMN) rose 4-1/4 to 64. The online direct marketer announced it has added 5.5 million new members for the first three months of this year bringing its total membership base to 12.5 million users.
Another heavy loser was Cabletron Systems Inc. (CS) which dropped 21-1/8 lower to 28-3/4. The networking equipment maker was downgraded from "market outperform" to "market perform" by Goldman Sachs.
One of the day's few success stories was Primedia Inc. (PRM), up 4-3/8 to 31-1/2. 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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