Net Stocks Follow Blue Chips into Negative Territory
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Internet stocks were trading in the red at midday Tuesday as investors were cashing in leaders along with techs and blue chips following a profit warning from AT&T Corp.
At noon Eastern, internet.com's Internet Stock Index was off 2.89, or .37 percent, to 783.65, the Nasdaq Composite had lost 31.49 to 3,926.59 and the Dow Jones industrial average was down 27.61 to 10,784.17. The long distance giant is a Dow component.
Net stocks losing ground included Amazon.com Inc. (AMZN), off 1-1/16 to 58-1/4, eBay Inc. (EBAY) off 3-3/4 to 151-7/8, Inktomi Corp. (INKT), falling 3-5/8 to 161, Juniper Networks (JNPR), losing 5-5/16 to 213 and Yahoo! Inc. (YHOO) down 2-3/16 to 128-11/16.
Kana Communications Inc. (KANA) had soared 6-3/16 to 52-1/2. The business e-mail software maker was upgraded to Goldman's recommended list from "market outperform."
Modem Media Poppe Tyson (MMPT) was up 2-5/8 to 16-3/8. CS First Boston initiated the interactive ad agency at "strong buy," setting a $35 target.
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