Downward Spiral Continues for Tech Stocks
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Internet issues showed no signs of rebounding in Tuesday's mid-afternoon trading. Getting hit especially hard were shares of CMGI, Exodus, and Inktomi. Incubators and business-to-business (B2B) e-commerce stocks remained out of favor with investors.
At noon Eastern, internet.com's Internet Stock Index was off 64.19, or 7.49 percent, to 793.39, the NASDAQ composite had plunged 280.09 lower to 3943.59, and the Dow Jones industrial average had slipped 19.47 to 11202.46.
Shares of Ariba (ARBA) were down 6-11/16 despite a very positive announcement. The company announced that revenues for the quarter ended March 31, 2000 will be significantly higher than current analyst expectations. The numbers could be in the range of $36-$38 million in revenue, which would represent a 25-30 percent increase over analyst estimates.
internet.com (INTM), publisher of this site, announced the acquisitions of DomainBook.com and Unclaimeddomains.com. DomainBook.com connects buyers directly with sellers of Internet domain names and provides broker referral services for Internet properties, Web sites and Internet-based businesses. Shares were off 7 at 29-5/8.
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