Deals Dominate Internet Sector; Rockets

Wall Street was digesting a slew of deals in the Internet sector Tuesday as investors were bidding up shortly after its debut.

Just before noon,’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) 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 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.

ALL NEW!’s HotWatch a monthly e-mail subscription for $99,
featuring Internet Stock Report’s Steve Harmon, and his top 10 noteworthy
Internet stocks for the month. Each month you will receive in-depth
analysis on the top 10 Internet stocks to watch with the information you need to assess
the fast-paced nature of Internet stocks. Staying on top of market changes in the
Internet Stock market is what counts. For $99 per year, you receive 12 timely
issues sent to you by e-mail. Don’t wait, our next issue will be out before
you know it with a whole new perspective on the market.
Sign up today at: e-newsletters

Get the Free Newsletter!
Subscribe to Daily Tech Insider for top news, trends & analysis
This email address is invalid.
Get the Free Newsletter!
Subscribe to Daily Tech Insider for top news, trends & analysis
This email address is invalid.

News Around the Web