Nasdaq, Net Stocks Take Another Hit
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Internet stocks got hammered again in Wednesday's trading, pushing the NASDAQ composite below 4,000. Shares of Yahoo bucked the trend, finishing higher; the stock is nearly 50 percent off its 52-week high.
internet.com's Internet Stock Index was down 64.28, or 7.97 percent, to 742.53, the Nasdaq Composite dropped 286.27, or 7.06 percent, to 3,769.63, and the Dow Jones industrial average lost 161.95 to 11,125.13.
Internet Capital Group (ICGE) fell 10-7/16 to 47-1/8, Commerce One (CMRC) plunged 16-1/4 lower to 93-3/4, Amazon.com Inc. (AMZN) was down 7 to 56-3/8, Broadcom Corp. (BRCM) lost 18-5/8 to 158 and Broadvision Inc. (BVSN) tanked 5-15/16 to 41.
FTD.com (EFTD) was unchanged at 2-11/16. Shares tumbled Tuesday and were opened late Wednesday after the firm announced Peter Poli, its chief financial officer, was leaving to join an unnamed Internet start-up.
Checkpoint Software Technologies Ltd. (CHKP) slipped 1-15/16 to 167-9/16. The firewall maker reported first-quarter earnings jumped 77 percent to 40 cents a share. That was a nickel above analyst estimates.
E*Trade Group Inc. (EGRP) was off 11/16 to 22-3/4. The online broker earned $1.3 million in its fiscal second quarter compared to a loss of $13.3 million a year ago. That translates into a break-even quarter, much better than the 16-cent loss analysts had forecast.
Goldman Sachs' Richard Sherlund lowered his fiscal third-quarter revenue forecasts for Microsoft Corp. (MSFT) to $5.75 billion from $5.95 due to a slowdown in personal computer sales. Shares were down 4-1/2 to 79-3/8.
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