RealTime IT News

Stocks End Mixed

Stocks spent the day in a narrow range on Monday, as traders digested last week's record gains.

The Dow closed up 20 and the Nasdaq up 8, while the S&P 500 closed down 9. The ISDEX closed down 4 at 758. Volume declined from Friday, with 848 million shares changing hands on the Big Board and 1.4 billion on the Nasdaq. Declining issues led advancing ones 16 to 13 on the NYSE, while advancers led 22 to 18 on the Nasdaq. The economic calendar for the week is light, with the only major report Friday's Producer Price Index, expected to show a 0.3% increase in May after a similar decline in April.

Business-to-business Internet stocks were again strong. Ariba moved above its 50 and 200 day moving averages, up 10 to 80 1/2, after announcing a pact with VeriSign and American Express to deliver the first integrated card payment processing utility for online business-to-business transactions. Also, Forrester Research predicted that trade through online exchanges and dynamic auctions will increase 25-fold, to $746 billion by 2004. Commerce One gained 2 11/16 to 53 and CMGI gained 2 to 60 1/2. PurchasePro soared 7 1/16 to 32 3/4, closing near the day's high.

Amazon.com declined 3 3/8 to 54 1/2 after an article in Barron's said the company could be hurt if forced to change its accounting practices.

Performance software stocks were strong, led by Linux play Red Hat , up 4 13/16 to 24. Liberate Technologies gained 4 3/8 to 31 and Versata soared 9 to 37, closing near the highs of the day.

Internet Capital Group led financial shares higher, up 4 5/8 to 41 1/4. But online brokers slipped over concerns that May's thin trading volume would lead to sequential quarterly declines. E*Trade slipped 3/8 to 18, and Ameritrade fell 11/16 to 12 15/16.

Priceline.com gained 2 to 48 1/2 after being reiterated "recommend list" by analyst Anthony Noto at Goldman Sachs.

NBC Internet led content stocks higher, up 4 5/8 to 24 5/8.