In the wake of Intel’s worse-than-expected earnings report, Internet shares continued their downward spiral Wednesday.
internet.com’s Internet Stock Index was off 21.79, or 3.84 percent, to
545.26, the Nasdaq Composite had fallen 70.89 to 2,801.54 and the Dow Jones industrial average had shed 177.94 to 10,239.12.
America Online Inc. (AOL)
and Motorola Inc. (MOT) announced an alliance to bring instant messaging to wireless devices. AOL closed off 3 to 111 and Motorola was down 4-13/16 to 90-1/8.
3Com Corp. (COMS)
rose 1-1/8 to 30-1/4. Nokia (NOK) agreed to use the Palm operating system
for its cell phones to connect to the Web.
As for the Net leaders,
Juniper Networks (JNPR)
was off 3-1/2 to 219, Ariba Inc. (ARBA)
was off 7-1/2 to 170-1/8, Amazon.com
Inc. (AMZN)
was down 5 to 79-15/16, Broadvision Inc. (BVSN)
had tumbled 15-11/16 to 161-1/4 and Real
Networks Inc. (RNWK)
fell 7-9/16 to 99-3/4.
FreeShop.com (FSHP)
rose 1-3/8 to 13-3/8. The company announced an agreement with eBay, in which eBay will be the exclusive sponsor for the FreeShop Hobbies section for the next five years.
eToys Inc. (ETYS)
had fallen 4-1/2 to 76-1/4 after Goldman Sachs cut the company to
“market outperform” from “trading buy.”
E*Trade Group Inc. (EGRP)
was up 7/32 to 25-5/8 despite reporting that revenues fell in its
latest quarter. E*Trade attributed the drop to the introduction of
discounted commissions for active traders. The company earned 11 cents in its fiscal fourth quarter, one penny lower than estimates. The company added 1 million accounts over the past year, however.
Hoover’s (HOOV)
had climbed 1-3/16 to 12 after the company posted a
lower-than-expected loss. Hoover’s lost $3.3 million, or 29 cents a share, compared to an 18-cent loss in the year-ago period. Analysts had forecast a 39-cent loss.
ZDNet (ZDZ) had jumped 2-1/2 to 22-1/2 after Goldman Sachs’ Michael Parekh raised his rating to “trading buy” from “market outperform.”
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