Famous Names Minimize Internet Declines, Priceline Rockets
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Positive news from a number of Internet leaders sent shares of those companies higher on a day that saw the markets overall take a breather from Monday's hectic pace.
Internet.com's Internet Stock Index dipped 10.71, or 1.93 percent, to 543.63 while the Nasdaq Composite shed 12.55 points to close at 2,480.29 and the Dow Jones industrial average lost 93.52 to end at 9,913.26.
The companies plan to release several e-commerce hardware and software packages. The venture's first product will ship in the first quarter of next year.
Shares of AboveNet Communications Inc. (ABOV) soared 25-15/16 to 106-13/16 after the company announced a 2-for-1 stock split that will take effect May 7. The company provides Internet connectivity solutions for e-commerce sites and Internet providers.
Several stocks slumped Tuesday, even though they issued no negative news. Internet provider Concentric Networks slumped 6-7/16 to 73-7/8, Verisign Inc. (VRSN) shed 3-5/8 to 134-5/8 and Excite Inc. (XCIT) dropped 8-1/4 to 139-1/8.
The company operates a Web site allowing consumers to bid on airline tickets and hotel rooms.