Net Stocks Take Another Dive
Page 1 of 1
More bad news emerged for Internet investors Friday as the sector was again hit hard due in part to negative news from two prominent names.
At noon Eastern, internet.com's Internet Stock Index had dove 44.97, or 4.74 percent, to 904.60, the Nasdaq Composite was off 47.66 to 4,410.23 and the Dow Jones industrial average had gained 4.34 to 10,984.59.
Big losers included drkoop.com Inc. (KOOP), diving 2-11/16 to 3-9/16. A report from the online medical site's auditors, released Friday, expressed "substantial doubt" about the firm's long-term viability.
eBay Inc. (EBAY), had plunged 27-9/16 to 179-7/16. The online auctioneer was subpoenaed by the U.S. Justice Department. Although the details of the action were not released, it is suspected to be part of a price-fixing investigation into Sotheby's Holdings Inc. and Christie's International Plc.
Even IPOs weren't being spared investor wrath. Trader.com NV (TRDR) had lost 9-7/8 to 18-11/16 shortly after its debut. The Dutch-based publisher of Internet classified ads sold 13 million shares at $28.56, raising $371.3 million.
There were several pieces of good news despite all the red. Net2Phone Inc. (NTOP) had leaped 5-5/8 to 61. A group led by AT&T took a 39 percent stake in the company. Yahoo! Inc. also made a substantial investment.
Subscribe to internet.com's HotWatch, a monthly e-mail newsletter featuring Internet Stock Report's top 10 noteworthy Internet stocks for the month. Each month you will receive in-depth analysis on the top 10 Internet stocks to watch with the information you need to assess the fast-paced nature of Internet stocks. Staying on top of market changes in the Internet Stock market is what counts. You receive 12 timely issues sent to you by e-mail. Don't wait, our next issue will be out before you know it with a whole new perspective on the market. Sign up today at: e-newsletters