Wall Street was digesting a slew of deals in the Internet sector Tuesday as investors were bidding up China.com shortly after its debut.
Just before noon, internet.com’s Internet Stock Index was down 3.43, or .62 percent, to 545.87, the Nasdaq Composite was off 20.77 to 2,769.67 and the Dow Jones industrial average had slumped 76.62 to 11,124.36.
The day’s most anticipated Internet IPO was also having a stellar debut. China.com (CHINA) had rocketed 40-15/16 to 60-15/16 by midday. The company, which offers Chinese language content online, sold 4.2 million shares at $20.
America Online, Sun Microsystems, 24/7 Media and China’s Xinhua news agency all hold stakes in China.com.
Amazon.com Inc. (AMZN) had climbed 5-3/16 to 122-9/16 after announcing it will add toys and electronics to its product line-up.
Online music retailer CDNow Inc. (CDNW) was down 1-11/16 to 20-9/16. The company Tuesday merged with Columbia House, the music retailer owned by Sony Corp of America and Time Warner Inc. Sony and Time Warner will control 37 percent of the new company and CDNow shareholders will own 26 percent.
Shares of DoubleClick Inc. (DCLK) had climbed 2 to 96. DoubleClick Tuesday purchased online ad rival NetGravity for about $530 million in stock.
Excite@Home Corp. (ATHM) fell 1-11/16 to 49-13/16. The company Tuesday purchased online retailing enabler iMALL for $425 million in stock.
Inktomi Corp. (INKT) was down 5-1/2 to 126-1/2. The company filed late Monday to sell another 3.3 million shares.
The sector’s other leading names were mixed, with America Online Inc. (AOL) falling 1-3/4 to 120-9/16 and Yahoo! Inc. (YHOO) was up 2-5/8 to 152-7/8.
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