Internet stocks were slightly lower in midday trading Friday as investors were gearing up for what’s generally expected to be a slow August now that second-quarter earnings season has largely come and gone.
Just before noon, internet.com’s Internet Stock Index was off 1.56, or .33 percent, to 470.90, the Nasdaq Composite was up 28.17 to 2,668.18 and the Dow Jones industrial average had slumped 8.87 to 10,782.42.
The sector’s leaders were mixed with America Online Inc. (AOL) off 9/16 to 98-3/16, Yahoo! Inc. (YHOO) up 1/8 to 137-1/8, Amazon.com Inc. (AMZN) edging up 1/16 to 101-5/8 and eBay Inc. (EBAY) slumping 7/8 to 101-3/8.
The day’s lone Internet IPO was also getting off to a solid start. Business Internet provider Digex (DIGX) had climbed 3-1/8 to 20-1/8. The company late Thursday sold 10 million shares at $17, raising $170 million. Bear Stearns & Co. was the lead underwriter.
[email protected] Corp. (ATHM) had slumped 1/4 to 46-3/4. The company this week met with analysts where AT&T Chief Executive C. Michael Armstrong said the integration of Excite and @Home is largely complete.
In his weekly newsletter, BancBoston Robertson Stephens’ Keith Benjamin said AT&T appears to be aggressively pursuing its broadband strategy and should be helped by the proliferation of easy-to-install cable modems.
E-Loan(EELN) fell 3-15/16 to 34-3/8 after falling 13 percent on Thursday. The company’s stock got hit after it reported second-quarter revenues fell 4 percent sequentially although they were up 270 percent compared to the same period last year.
Modem Media Poppe Tyson (MMPT) had climbed 4-13/16 to 26-1/16. The interactive ad agency reported second-quarter earnings of 5 cents a share, trouncing estimates projecting a 6-cent loss. Benjamin raised his rating to “strong buy” from a “buy” and Bear Stearns raised its rating to “buy” from “attractive.”
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