Net Shares Sputter to End Lower
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Internet stocks...how low can they go? That is the prevailing question on the minds of Internet stock investors. After rebounding to positive levels in mid-day trading, shares plunged again as investors especially punished the incubator and business-to-business e-commerce sectors.
internet.com's Internet Stock Index lost 42.01, or 5.66 percent, to 700.52, the Nasdaq Composite fell 92.85 to 3,676.78 and the Dow Jones industrial average plunged 201.58 lower to 10,923.55.
Ariba Inc. (ARBA) lost 6-15/16 to 65-1/16. The electronic commerce software maker reported second-quarter revenues rose 322 percent. The company lost 6 cents a share in the period, 2 cents better than estimates.
E.piphany Inc. (EPNY) was up 2-31/64 to 79-51/64. The customer management software provider said Thursday Hewlett-Packard Co. was buying an enterprise license to install its E.4 platform.
FileNet Corp. (FILE) added 1-5/16 to 24-1/2. The company, which sells Internet-based document management systems, reported first-quarter earnings of 18 cents, 3 cents better than analysts had forecast.
Redback Networks Inc. (RBAK) lost 13-7/8 to 82-1/8. The telecommunications networking company reported first-quarter earnings of 5 cents a share, beating forecasts by 2 cents.