Internet stocks opened the week on a sour note as extremely light volume exaggerated the session’s selling causing all gains to evaporate.
After being up almost five points in mid-session, internet.com’s Internet Stock Index slumped 14.89, or 3.21 percent, to 448.76, the Nasdaq Composite lost 15.14 to 2,623.35 and the Dow Jones industrial average gave back 11.09 to 10,644.06. Monday was the fourth lightest day of the year on the NYSE and the third lightest on the Nasdaq.
Amazon.com Inc. (AMZN) tumbled 6-11/16 to 94. Over the weekend, Barron’s posed doubts about the company’s growth strategy. The newspaper said while the company has expanded its product line, the number of repeat customers — historically one of Amazon’s biggest strengths — is falling this year.
The rest of the sector’s leaders were mostly lower, although even the issues that finished in the black gave back a substantial portion of their gains as the day wore on.Priceline.com Inc. (PCLN) added 1-15/16 to 77-1/2 after hitting 80-7/8, Broadcom Corp. (BRCM) slumped 2-5/16 to 118-3/16 after reaching 124-1/4, Inktomi Corp. (INKT) lost 1-3/16 to 107-1/4, Juniper (JNPR) lost its gain of more than 7 to close off 1-3/16 to 161-1/4 and eBay Inc. (EBAY) dropped 6-7/16 to 91-1/4.
Critical Path (CPTH) rose 1/8 to 33-5/8 and Exodus (EXDS) tumbled 5-5/8 to 114-7/16.
The companies Monday reached a deal where Exodus will host Critical Path’s mesaging applications. Critical Path eventually plans to add a variety of unfied messaging options, including voice mail and fax capabilities.
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