Slide Continues for Net Stocks
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Bad news for Internet stocks, which continued their plunge in Monday's trading.
Business-to-business (B2B) e-commerce issues led the decline for the second straight week as investors were awaiting U.S. District Judge Thomas Penfield Jackson's ruling in the Microsoft antitrust case.
internet.com's Internet Stock Index dropped 102.65, or 10.69 percent, to 857.58 and the Nasdaq Composite fell 349.20 to 4223.63. Money continued to flow into blue chips, however, sending the Dow Jones industrial average up 300.01 to 11221.93.
Cisco Systems Inc. (CSCO) slipped 4-3/8 to 72-15/16. Judith Estrin is resigning as chief technology officer to take a position with a startup. She will be replaced by Michaelangelo Volpi, a Cisco executive who has been heavily involved in its acquisition strategy.
Yahoo! Inc. (YHOO) was off 11-1/4 to 160-1/8. The company will kick off the earnings parade when it reports its first-quarter results Wednesday. Yahoo! is expected to earn 9 cents a share, up from 3 cents a year ago.
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