RealTime IT News

Cisco Sends Net, Techs Tumbling

Wednesday was proving to be another tough session for Internet stocks, which remained mired in negative territory. It was particularly ugly for many sector leaders which are now more than 50 percent off their 52-week highs.

At 12:30 p.m. Eastern, internet.com's Internet Stock Index had dove 45.65, or 6.54 percent, to 652.87, the Nasdaq Composite had fallen 174.77 to 3,410.24 and the Dow Jones industrial average was off 115.15 to 10,421.60.

Cisco Systems Inc. , had fallen 4 to 58-3/4. The networking giant's CEO John Chambers cautioned Tuesday that the company is experiencing difficulty obtaining parts for a substantial portion of its product line. Chambers said a prolonged period of shortages could hurt the company's bottom line and cause fiscal fourth quarter results to suffer.

Several other stocks continued to receive a battering, including eBay Inc. , falling 9-3/16 to 112, Yahoo! Inc. , off 2-15/16 to 114-1/2, Commerce One , losing 4-1/2 to 43-1/4 and CMGI Inc. had shed 2-13/16 to 53-13/16.

The day was also proving rough for Amazon.com Inc. , off 4-5/16 to 51-15/16, Broadcom Corp. , losing 12-15/16 to 149, Checkpoint Software , off 10-11/16 to 149-1/2, Inktomi Corp. , losing 7-3/4 to 118-9/16, Juniper Networks , falling 18-7/8 to 158-1/8 and VerticalNet was off 5-1/16 to 39.


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