Internet stocks finished lower in a broad market retreat, due in part due to
comments from Abby Joseph Cohen of Goldman Sachs, who recommended investors
decrease their technology holdings.
Cohen, who chair’s Goldman’s investment policy committee and has
traditionally been one of Wall Street’s most bullish analysts, said she was
cutting the percentage of equities in her model portfolio by 5 percent to 65
and increased the amount of cash from zero to 5 percent.
internet.com’s Internet Stock Index finished down 23.83, or 2.21 percent, to
1,056.67, the Nasdaq Composite plunged 124.56 lower to 4834.00 and the Dow
Jones industrial average lost 89.74 to 10,936.11.
Shares of About.com (BOUT)
was up most of the day before slipping 1-7/16 to 89-7/8. The online media
network of niche focused sites plans to purchase Sombasa Media, an online
marketing firm for roughly $35 million in stock. Reporter@Large Luke
Fronefield featured About.com in a recent research note. In addition, he will
soon interview the company’s CEO, Scott Kurnit.
added 5/8 to 10-1/4. The online retailer Tuesday launched a site targeting
U.K customers. Bill Burnam, a partner at Softbank Capital Partners talked
about Buy.com in an exclusive interview.
Checkpoint Software (CHKP)
lost 6-11/16 to 198-1/4, Juniper
soared 30-9/16 higher to 307, Net2Phone (NTOP)
gained 2-5/8 to 54-1/8 and Verisign
slipped 1-3/4 lower to 187-1/2.
Autoweb.com Inc. (AWEB)
gained 9/16 to 8-3/4. The online auto retailer expects first-quarter revenue
to surpass original forecasts. It also projects its quarterly loss will be
25 percent below estimates. Fellow auto e-tailer Autobytel (ABTL)
also added 9/16 to finish at 8-15/16.
Efficient Networks Inc. (EFNT)
finished 13-9/16 lower to 158. The maker of high-speed Internet access
equipment Tuesday purchased Netscreen Technologies Inc. for $905.9 million
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