Internet stocks fell past their mid-day levels as investors pocketed
profits. Still, B2B stocks had a strong showing. Hurting momentum was news
that personal and government spending rose faster than expected in the
internet.com’s Internet Stock Index lost 7.79, or 0.79 percent, to 975.83,
the Nasdaq Composite was down 27.16 to 4590.49 and the Dow Jones industrial
average plunged 230.51 to 9862.12.
News of the governement spending more money than expected may have boosted
shares of National Information
Consortium (EGOV). The B2G market leader matured 1/8 to 50. [email protected] Fronefield recently featured EGOV.
E*Offering analyst, Patrick Mason initiated coverage with a “buy” rating.
“Through its BuySite and MarketSite products, Commerce One provides
business-to-business (B2B) e-commerce solutions that link buyers and
suppliers together over the Internet via their Global Trading Web, enabling
greater pricing and operational efficiencies, which in turn lead to
increased revenue opportunities and decreased costs for all trading
partners” wrote Mason in a note to viewers.
America Online Inc. (AOL)
slipped 3/8 to 59-5/8 on news it faces a class-action lawsuit over the
latest version of its access software. A group of Washington state residents
claim the online service knowingly released its 5.0 software without warning
that the installation would change a computer’s dial-up networking
properties and TCP/IP settings.
Internet Capital Group Inc. (ICGE)
gave up 12 to 107-1/8. The Internet incubator was down on news that several
large shareholders were selling a total of 1.2 million shares. ICG also
reported a fourth-quarter loss of 9 cents a share compared to a 2-cent
profit a year ago.
Investors were also giving a good reception to initial public offerings. DigitalThink Inc. (DTHK)
rocketed 15 points higher to 29. The online learning company sold 4.4
million shares Thursday at $14 each, raising $61.6 million.
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