After a rally in the morning, Internet issues ended the day in negative
territory.
The internet.com’s Internet Stock Index fell 15.38, or 3.66 percent, to
405.28, the Dow Jones industrial average dipped 6.33 to 10,707.70 and the
Nasdaq Composite gave up 29.17 to 2,518.80.
America Online Inc. (AOL) rose 13/16 to
85 9/16. A New York Times story alluded to a possible deal where AOL
members would get access using AT&T cable lines. However, later Monday,
AT&T denied the rumors.
Shares of Excite@Home (ATHM) fell 5 1/6 to
37 1/2 . Excite@Home is a leading provider of high-speed Internet access
and uses AT&T’s cable lines.
Stamps.com Inc. (STMP) was down 4 5/16 to 31 11/16. As expected, the company, as well as e-Stamps.com, obtained
approval to sell postage stamps over the Internet.
Net2Phone Inc. (NTOP) soared 3 7/8 to
20 3/8. General Electric’s NBC broadcasing unit has agreed to market
Net2Phone services. As part of the deal, NBC and Snap.com will acquire
stakes in the company.
Juno Online Services Inc. (JWEB) gained 5/16 to
14 15/16. The Internet and e-mail provider has sealed a deal with Mail.com (MAIL) that will allow
Juno members to send and receive e-mail through any computer connected to
the ‘Net. Mail.com was up 7/8 to 14 7/16.
Online auctioneer eBay Inc. (EBAY)
dove 3 5/8 to 79 5/8. The company suffered another round of outages Friday and over the weekend. Company managers Monday met with analysts to discuss the problems and detail its strategy for tackling them.
Cisco Systems Inc. (CSCO) fell 2 7/16 to 59 13/16. The networking giant Monday announced it will invest
$1 billion in KPMG LLP to create an Internet services unit. In the next 18
months, the unit will add 4,000 engineers.
The IPO market got further bad news. HotJobs.com, an online recruiting
firm, announced it cut the price range on its offering from $12-$14 to
$9-$11. The company also reduced the number of shares it will offer from 4.75
million to 3 million.
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