Microsoft Takes Heavy Market Toll
Page 1 of 1
Internet and technology shares were plunging in midday trading in large part due to Microsoft Corp.'s failure to settle its antitrust case.
At noon Eastern, internet.com's Internet Stock Index had dove 56.64, or 5.90 percent, to 903.59 and the Nasdaq Composite had plunged 242.49 to 4,330.34. Money continued to flow into blue chips, however, sending the Dow Jones industrial average up 128.44 to 11,050.36.
Microsoft Corp. (MSFT) was off 14-3/8 to 91-7/8. U.S. District Judge Thomas Penfield Jackson is expected to issue a ruling this week in the antitrust case filed by the U.S. Department of Justice and 19 states.
Cisco Systems Inc. (CSCO) had lost 3-3/4 to 73-9/16. Judith Estrin is resigning as chief technology officer to take a position with a start-up. She will be replaced by Michaelangelo Volpi, a Cisco executive who has been heavily involved in its acquisition strategy.
Ariba Inc. (ARBA) had lost 8-5/16 to 96-1/2. Monday was the first day the e-commerce firm started trading following a 2-for-1 split. The firm's shares are off 49 percent from its split-adjusted high of 183-1/4.
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