Internet Stocks Miss Technology Comeback
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While many technology stocks recouped earlier losses and ended higher Thursday, Internet stocks lacked their luster and ended the day lower.
Internet.com's Internet Stock Index finished down 7.80, or 1.24 percent, to 620.96 while the Nasdaq Composite closed up 14.76 to 2,522.04 and the Dow Jones industrial average set another record, closing up 51.06 to 10,462.72.
Online brokers were among the hardest hit Thursday, with Charles Schwab Corp. (SCH) dropped 14-1/4 to 124 after reporting lower volume growth than its competitors. That sent other online brokers lower as well. E*Trade Group Inc. (EGRP) dropped 11-7/16 to 101-7/16 and Ameritrade Holding Corp. (AMTD) shed 11-3/8 to 136-5/8.
Search engine designer Inktomi Corp. (INKT) plunged 17-3/16 to 119-3/16 despite expectations of a 260 percent increase in revenue and lower losses. The company is to report earnings later Thursday. Inktomi shares hit an all-time high of 152-1/4 earlier this week.