RealTime IT News

Internet Stocks Go Quietly To End Volatile Week

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.

Among those posting decent gains Friday was Cybershop International Inc. (CYSP) which closed up 2-1/4 to 13-1/8. The company Friday opened a new auction site.

Search engine Excite Inc. (XCIT) climbed 6-15/16 to 140-1/4 after launching a new site designed for Pentium III computers.

Book and music retailer Amazon.com Inc. (AMZN) closed down 13/16 to 139-1/16, erasing an earlier gain of about 8. Speculation emerged Friday that the company may enter the online auction business.

Inktomi Corp. (INKT) gained 4-1/4 to 79-1/2. The stock continued to benefit an announcement Thursday that eight new companies had agreed to use Inktomi's search technology.

Cable Internet provider @Home Corp. (ATHM) added 4-5/8 to 150-7/8 on hopes the company would benefit from Comcast's acquisition of cable company Media One, announced earlier this week.

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.

Investors continued to show enthusiasm for Internet IPOs, driving up online car retailer Autobytel.com Inc. (ABTL)

Shares debuted early Friday afternoon at 23 and rose as high as 58 before settling to end their first day at 40-1/4.