After seven straight days of gains, Internet stocks finally fell off their winning pace Thursday.
internet.com’s Internet Stock Index tumbled 23.26, or 4.79 percent, to
461.83, the Nasdaq Composite plunged 36.05 to 2,621.68 and the Dow
Jones industrial average fell 29.76 to 10,961.62.
The Commerce Department reported the trade deficit widened to $24.62
billion in June from $21.16 billion in May. Last month’s figure was sharply
higher than the $20.6 billion economists had forecast.
The Internet sell-off was broad. Yahoo!
was down 5-7/8 to 139-3/16, Amazon.com
fell 7 to 106-1/8, America Online
slumped 3-5/16 to 95-7/8, CMGI Inc. (CMGI)
was off 6-9/16 to 78-3/4,
fell 3-1/16 to 41-11/16 and eBay
lost 12-3/16 to 113-3/4.
All the news wasn’t bad, however. Onsale (ONSL)
was up 1-3/8 to 17-5/8. The online auctioneer late Wednesday said
third-quarter revenues will grow 12 percent, beating current forecasts. It also expects to reach profitability over the next two quarters.
In other IPO news, online search directory
LookSmart Inc. reduced the number of
shares for its upcoming IPO from 12 million to 9 million. The price range
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