Bond Rise Extends String of Stock Losses

Internet stocks were once again caught in a downturn Thursday as a rising bond yield continued to drive investors away from equities, extending the week’s string of losses.

Just after noon, internet.com’s Internet Stock Index was off 3.61, or .66 percent, to 541.65, the Nasdaq Composite had lost 18.14 to 2,783.13 and the Dow Jones industrial average had lost 37.68 to 10,194.48.

Most of the leaders were modestly lower including Ariba Inc. (ARBA) off 7-3/8 to 162-3/4, eToys Inc. (ETYS) off 3-3/4 to 72-1/2, Exodus Communications (EXDS) had fallen 1-7/8 to 63-11/16 and Juniper Networks Inc. (JNPR) was down 2-1/4 to 216-3/4.

Climbers included Yahoo! Inc. (YHOO) up 1-11/16 to 169-1/4. The company Thursday inked a deal with Motorola Inc. (MOT) to enable users of Motorola’s wireless telephones to access Yahoo! content.

Priceline.com Inc. (PCLN) had slipped 3-5/16 to 68-15/16. The company late Wednesday announced it had sued Microsoft Corp. (MSFT) Priceline is accusing Microsoft of using confidential information it shared during partnership negotiations to start its own competing service on Expedia.

Redback Networks Inc. (RBAK) had tumbled 11-5/16 to 123-3/4. The company reported a third-quarter loss of $1.6 million, or 4 cents a share, compared to $2.6 million or 44 cents a share a year ago.

Finally, Charles Schwab Corp. (SCH) had climbed 1 to 29-1/16 after saying its third-quarter profits rose 27 percent from a year ago.

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