Profit takers sell off some positions in Internet stocks to guess? pay taxes. Thanks to the Internet stock sector being the only one moving in warp speed, the runs this year allowed investors the opportunity to sell off and still be in the game. The selloff may inspire some buying back in after the next day or so as investors start to dress up their portfolios again with previous positions. Today's snapshot:
EarthLink (NASDAQ:ELNK) posts record first-quarter revenue up 129% to $68.2 million. Net loss is $6.4 million or $0.28 loss per share. News subs are 155k, bringing total to 1.155 million.
Beyond.com (NASDAQ:BYND) completes a 4 million share offering at $35 per share. The software etailer also announces a deal to operate Symantec's Web software store.
AOL (NYSE:AOL) surpasses 17 million members. Members spend an everage 55 minutes online, up 10 minutes vs. same period last year. Emails sent doubles also. This is why I believe AOL to be the Internet bellwether stock.