Downward Spiral Continues for Tech Stocks

Internet issues showed no signs of rebounding in Tuesday’s mid-afternoon
trading. Getting hit especially hard were shares of CMGI, Exodus, and
Inktomi. Incubators and business-to-business (B2B) e-commerce stocks
remained out of favor with investors.

At noon Eastern,’s Internet Stock Index was off 64.19, or 7.49
percent, to 793.39, the NASDAQ composite had plunged 280.09 lower to
3943.59, and the Dow Jones industrial average had slipped 19.47 to 11202.46.

Internet Capital Group (ICGE)
was off 15-7/64 to 63-1/16 and CMGI (CMGI)
had lost 16-1/8 to 83-7/8.

Shares of Ariba (ARBA)
were down 6-11/16 despite a very positive announcement. The company
announced that revenues for the quarter ended March 31, 2000 will be
significantly higher than current analyst expectations. The numbers could
be in the range of $36-$38 million in revenue, which would represent a 25-30
percent increase over analyst estimates.

Healtheon/WebMD (HLTH)
was trading 3-1/2 lower at 17-3/4. US Bancorp Piper Jaffray cut its rating
from a “strong buy” to “buy.” (INTM), publisher of this site, announced the acquisitions of and connects buyers directly with sellers
of Internet domain names and provides broker referral services for Internet
properties, Web sites and Internet-based businesses. Shares were off 7 at 29-5/8.

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