Internet stocks were lower in midday trading Monday due in part to a negative article on sector leader America Online.
Just before noon, internet.com’s Internet Stock Index was off 10.98, or 2.12 percent, to 506.58, the Nasdaq Composite had slipped 22.92 to 2,864.14 and the Dow Jones industrial average was off 23.12 to 11,005.31.
America Online Inc. (AOL) was off 4-1/2 to 91-13/16. Shares were forced lower following comments by Doug Kass, manager of hedge fund Seabreeze Partners. Kass told Business Week AOL may be forced to lower its subscription fees as Microsoft Corp. (MSFT), AT&T Corp. (T) and others plan low-cost Internet access offerings.
That helped send other Internets lower, including Broadcom Corp. (BRCM) had slumped 8-1/4 to 110-3/4, CMGI Inc. (CMGI) had slumped 2-1/2 to 87-3/8, DoubleClick Inc. (DCLK) was off 1-3/8 to 106-3/8 and eBay Inc. (EBAY) had fallen 5-5/16 to 152-11/16.
Gainers included thestreet.com Inc. (TSCM) which had rocketed 6-7/8 to 26-5/8. The company Monday formed a European subsidiary and announced plans to launch a UK version of its online news site early next year.
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