Internet Stocks Go Quietly To End Volatile Week
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Shares of Internet companies ended slightly lower Friday as markets took a breather from the hectic pace seen earlier in the week.
Internet.com's Internet Stock Index closed down 1.98, or .37 percent, to 537.85. Among the broader indices, the Nasdaq Composite shed 15.47 to 2,419.33 and the Dow Jones industrial average lost 14.15 to close at 9,822.24.
Meanwhile, Tele-Communications Inc. chief Leo Hindery said Friday there are no plans to merge @Home and Road Runner once the merger goes through. Comcast has endorsed @Home, the cable Internet provider now controlled by AT&T while Media One is a big player in Road Runner, the cable modem service it operates along with Time Warner.
Internet provider PSINet (PSIX) slumped 2-1/8 to 38-1/2 on news an international arbitrator has ordered the company to pay $49 million in damages for a failed joint venture to develop the European Internet market.
Shares debuted early Friday afternoon at 23 and rose as high as 58 before settling to end their first day at 40-1/4.