Blue Chips Continue to Beat Out Techs
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The money flow out of Internet and technology shares and into blue chip issues was reignited Monday as the Nasdaq Composite was giving back some of Friday's impressive gains.
At 11:45 a.m. Eastern, internet.com's Internet Stock Index was off 13.40, or 1.44 percent, to 918.84, the Nasdaq Composite had lost 45.25 to 4,401.20 and the Dow Jones industrial average was up 165.05 to 11,276.53.
Not surprisingly, some of the Net's leading B2B players were taking a hit, including Ariba Inc. (ARBA), down 5-3/8 to 98-1/8, Broadcom Corp., losing 5-3/4 to 202, Broadvision Inc. (BVSN), off 4-1/8 to 51-15/16, Checkpoint Software had lost 3-11/16 to 192-13/16, Inktomi Corp. (INKT) was down 10-1/2 to 170-3/8 and i2 Technologies (ITWO) was off 12-1/8 to 124-13/16.
Microsoft Corp. (MSFT) lost 2-3/16 to 86-7/8. Published reports Monday said the company might be forced to open the source code to Internet Explorer to computer makers to settle antitrust allegations brought by the Justice Department and 19 states.
CMGI Inc. (CMGI) had lost 3-5/8 to 90-1/8 and Netcentives (NCNT) was up 2-3/4 to 26-1/4. CMGI Monday took a 4.9 percent stake in the incentive marketer and announced plans for the two to create a new loyalty program for CMGI properties.
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