Technology and Internet issues were mostly lower in midday trading Tuesday as the sectors were losing some steam following the Nasdaq Composite’s eight-day record run.
Just before noon Eastern, internet.com’s Internet Stock Index had lost 10.92, or 1.75 percent, to 613.48, the Nasdaq Composite was off 33.15 to 3,110.82 and the Dow Jones industrial average had tumbled 106.73 to 10,612.12.
America Online Inc. (AOL) was off 4-13/16 to 145-9/16 and Universal Music Group, a unit of Seagram Co. Ltd. (VO) was down 1/8 to 48-3/16. The two companies Tuesday launched a new Internet-based record label that will target young adults.
Cisco Systems Inc. (CSCO) was off 7/16 to 74-7/8 after announcing it will acquire Aironet Wireless Communications for about $800 million in stock. Aironet allows businesses to set up in-house wireless networks.
The news led BancBoston Robertson Stephens’ John Powers to reiterate his “buy” rating.
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