Britain’s Freeserve was one of the few Internet stocks to finish in positive territory as the sector encountered another big sell-off Monday in the midst of earnings season.
internet.com’s Internet Stock Index plummeted 30.02, or 5.97 percent, to 472.98, the Nasdaq tumbled 72.70 to 2,619.70 and the Dow Jones industrial average shed 47.80 to 10,863.16.
freeserve PLC (FREEV) jumped 8-7/16 to 32-1/8. The UK’s first free Internet service went public earlier in the day at 23.
High-speed networking company Copper Mountain Networks Inc. (CMTN) jumped 5-15/16 to 113-7/16. The company’s second-quarter earnings beat estimates by 6 cents a share before one-time items.
America Online Inc. (AOL)dove 7-15/16 to 100. The company revealed several executives including Chairman and Chief Executive Officer Steve Case and President Robert Pittman sold a chunk of their holdings.
Case sold 1.5 million shares, or 9 percent of his holdings, leaving him with 14.7 million shares. Pittman sold 1 million shares, or about 13 percent of his total, leaving him with 6.78 million shares.
Other leaders were off as well, including Yahoo! Inc. (YHOO) down 11-7/16 to 134-5/16, Amazon.com Inc. (AMZN) off 8-5/8 to 105-15/16 and eBay Inc. (EBAY) down 3-7/16 to 104-3/8.
After the bell, eBay reported second-quarter earnings of 4 cents a share, before one-time gains and charges. That beat analyst expectations by a penny.
DSL providers saw red as well. Redback Networks Inc. (RBAK) lost 3/4 to 168-3/8 after falling as low as 162-7/8 earlier in the session. Also down was NorthPoint Communications (NPNT), off 2-1/16 to 29.
Internet provider MindSpring Enterprises (MSPG) shed 3-15/16 to 40-3/16. MindSpring reports quarterly earnings on Tuesday. Analysts have forecast a 9-cent profit.
Finally, online brokers were also lower across the board. Charles Schwab (SCH) lost 1-1/8 to 45-5/8, E*Trade Group Inc. (EGRP) lost 1-3/4 to 30-1/4, DLJdirect (DIR) shed 1 to 24-3/16, Southwest Securities, parent of Mydiscountbroker.com (SWS) was off 3-1/2 to 46-1/2.
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