RealTime IT News

Net Sector Meltdown Continues

Internet stocks remained in sell-off mode Tuesday as investors continued voting for blue chips, helping the Dow post another triple-digit gain.

At 11:45 a.m. Eastern, internet.com's Internet Stock Index had lost 34.42, or 4.03 percent, to 819.29, the Nasdaq Composite had slumped 121.58 to 4,066.62 and the Dow Jones industrial average had gained 102.38 to 11,288.94.

A number of losers had posted steep losses, including Broadcom Corp. (BRCM), off 5-1/2 to 189, Doubleclick Inc. (DCLK) off 3-3/8 to 78-1/8, Exodus Communications (EXDS) down 3-5/16 to 122-1/2, Inktomi Corp. (INKT) down 11-1/4 to 150 and RealNetworks Inc. (RNWK) down 2-7/8 to 41-7/8.

Priceline.com Inc. (PCLN) was down 4 to 68-7/8 and Travelocity (TVLY) was off 2-3/4 to 27. Late Monday the two companies announced a marketing alliance. The two companies plan to integrate their ticketing services on both Web sites.

Stamps.com Inc. (STMP) was down 1-1/8 to 14-1/16. The company reported a quarterly loss of 66 cents, 6 cents better than expected. The company doubled its customer base during the period.

Vignette (VIGN) fell 19-1/2 to 152. The company Tuesday unveiled a new customer relationship management program. Also, CS First Boston initiated coverage with a "buy" rating.

Opus360 Corp. (OPUS) had plunged 3-1/16 to 9-1/4. The Wall Street Journalreported Tuesday the SEC is considering an enforcement action against the B2B Internet company.


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