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RealTime IT News

Net Stocks Miss Out On Rally

A warning from FindWhat and downgrades to Google and Yahoo kept Internet stocks on the sidelines of a rally on Wall Street Thursday.

FindWhat plunged 18% after the company warned that its first quarter earnings will be 12-15 cents a share on revenues of $55-$59 million, below Wall Street forecasts of 20-cent earnings and $67 million in revenues.

Google and Yahoo shares lost about 2% each after RBC Capital downgraded the search leaders on concern about declining online ad pricing.

The news weighed on Net stocks on a day in which almost everything else seemed to go up.

The Nasdaq rose 20 to 2051, the S&P 500 climbed 9 to 1200, and the Dow gained 75 to 10,748. Volume rose to 1.52 billion shares on the NYSE, and 2.05 billion on the Nasdaq. Advancers led 23-10 on the NYSE, and 19-12 on the Nasdaq. Upside volume was 73% on the NYSE, and 70% on the Nasdaq. New highs-new lows were 197-34 on the NYSE, and 84-65 on the Nasdaq.

After the close, Qwest upped its offer for MCI , and McAfee beat estimates.

During the day, TiVo edged higher on speculation that the company could be acquired by Apple .

Audible lost 7% on class-action lawsuits.

eDiets tumbled 14% on its results.

Ciena fell for a second day on its results.