Earnings Worries Prompt Net Selloff
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Internet stocks were continuing to fall in midday trading Wednesday as investors were expressing their disappointment over the latest wave of earnings news from technology issues. The selling came despite better-than-expected results from several players.
At 12:30 p.m. Eastern, internet.com's Internet Stock Index had fallen 20.82 or 2.8 percent, to 721.48, the Nasdaq Composite had lost 103.56 to 3,681.89 and the Dow Jones industrial average was off 193.91 to 10,537.21.
Losers included Newbridge Networks (NN), off 2-5/16 to 35-11/16. The network equipment maker expects to beat estimates for its fiscal fourth quarter. The company predicted pro-forma earnings will range from 20 to 25 cents, much higher than the 14 cents analysts have forecast.
Stocks in positive territory included Aether Systems Inc. (AETH), up 8-1/4 to 145-1/4. The maker of software which links handhelds to the Internet, announced a pact with Visa USA. The companies will develop bill payment systems capable of running on pagers, cell phones and wireless devices.
Global Crossing Ltd. (GBLX) was up 1-7/8 to 34-1/2. The builder of fiber optic networks Wednesday reported a first-quarter loss of 39 cents a share, 4 cents better than expected. The company also expects 2000 revenues to be about $5.7 billion, driven by strong growth in sales of data services.
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