B2B Plays Lead Another Net Decline
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The carnage continued for Internet stocks on Tuesday as investors pushed tech-related indices and issues to their lowest levels in months.
Leading the plunge again were business-to-business (B2B) e-commerce stocks; the sector leader, Internet Capital Group is now trading 73 percent off its 52-week high of $212.
internet.com's Internet Stock Index fell 46.90, or 5.49 percent, to 806.81, the NASDAQ composite dropped 132.30 to 4,055.90, and the Dow Jones industrial average gained 11,287.08.
In other B2B e-commerce action, Onvia.com (ONVI) announced today that the Detroit Regional Chamber of Commerce, the Florida Chamber of Commerce, and the Greater Seattle Chamber of Commerce have all selected Onvia to provide an online e-marketplace solution for their respective members. Shares lost 1-9/16 to 13-15/16 despite the positive news.
A number of sector leaders took it on the chin, Broadcom Corp. (BRCM) was down 17-7/8 to 176-5/8 , Doubleclick Inc. (DCLK) was off 4-15/16 to 76-9/16, Exodus Communications (EXDS) lost 14-3/16 to 112-1/4, Inktomi Corp. (INKT) finished 26-3/16 lower at 135-1/16, and RealNetworks Inc. (RNWK) stumbled 4-5/8 to 40-1/8.
Priceline.com Inc. (PCLN) was down 7-13/16 to 65-1/16 and Travelocity (TVLY) was off 2-1/4 to 27-1/2. Late Monday the two companies announced a marketing alliance. The two companies plan to integrate their ticketing services on both Web sites.
Opus360 Corp. (OPUS) was down 3-13/16, or 31 percent, to 8-1/2. The Wall Street Journalreported Tuesday the SEC is considering an enforcement action against the B2B Internet company.
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