ISDEX is off 4.7% to 313.56 even as investors start buying chip stocks again.
The Dow also drops while NASDAQ shows a light gain. Most of the brand name
Internet issues are hit the worst continuing the rout that began last week.
PeaPod (NASDAQ:PPOD) soars 48% to $11.125 per share after Piper Jaffray
gives it a a "strong buy" tout and $36 long-term price target. We
think the online grocery business is a very local one and that it may be hard to
realize digital efficiencies in this arena due to the high cost of having
someone shop for buyers, and deliver the goods.
Ameritrade (NASDAQ:AMTD) and a handful of other Web-based stock brokers
stocks continue to lose ground as investors punish the sector that had been a
retail investor favorite this year. AMTD is down 16% today to $80.
IBM (NYSE:IBM) is back with a music delivery system, this one for enabling
music to be downloaded over the Internet. IBM's latest system, dubbed
"Madison," allows high-speed cable modem users to download music to
their hard drives and then portable music players. The system has the support of
the major record labels which are battling to keep copyrights and control over
music vs. the popular MP3 format which has gained usage through allowing any
work to be copied freely.