Late Day Rally Can't Undo Slump
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Internet stocks finished in the red but recovered from mid-day levels that had pushed the Nasdaq composite below 4,000 for a brief period of time today. eBay, Priceline.com, and Ariba all played a major role in the afternoon surge.
internet.com's Internet Stock Index slipped 6.36 lower, or 0.74 percent, to 851.22, the Nasdaq composite finished 74.79 lower to 4148.89, and the Dow Jones industrial average lost 56.16 to 11165.77.
eBay (EBAY) rose 23-3/4 to 167, Priceline.com (PCLN) jumped 9-7/8 to 75-1/4, and shares of Ariba (ARBA) gained 9-15/16 to 98-5/8. 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 3-3/8 to 33-1/4.
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