Internet issues plunged on Monday as investors, concerned over Net
valuations and near-term interest rate hikes, pocketed profits.
internet.com’s Internet Stock Index fell 40.38, or 4.51 percent, to 854.24,
the Nasdaq Composite lost 139.32 to 4096.08 and the Dow Jones industrial
average dropped 243.54 to 11008.17. Monday’s losses erased almost all of last week’s gains.
zoomed up 39-3/8 to 52-3/8 in its first day of trading. The online B2B medical supplier priced 7 million shares at $13 each. Underwriters were Merrill Lynch, Bear Stearns, Robertson Stephens, Volpe Brown Whelan and William Blair.
Broadcom Corp. (BRCM)
fell 24-13/16 to 287-5/8, eBay Inc. (EBAY)
gave up 14-1/8 to 136-3/8, Network
Solutions Inc. (NSOL)
slipped 34-15/16 points lower to 236-11/16 and Verisign Inc. (VRSN)
lost 12-13/16 to 195-1/8.
E-tail giant Amazon.com Inc. (AMZN)
jumped 8-1/6 to 70-1/8. The company Monday invested another $30 million in
drugstore.com (DSCM), bringing its total stake to almost 28 percent. Drugstore.com added 5-7/8 to 35.
MP3.com Inc. (MPPP)
lost 1/2 to 29-1/8. Over the weekend, the company confirmed the Recording Industry Association of America had
hit it with a copyright infringement lawsuit. The suit centers around its
Quintiles Transnational Corp. (QTRN)
added 3-1/6 to 27-1/2 and Healtheon/WebMD Corp. (HLTH)
gained 5-9/16 to 65-1/8. Healtheon is paying $2.5 billion in stock and cash
to pay Quintiles, which conducts clinical drug trials.
Juniper Networks Inc. (JNPR)
fell 8-9/16 to 141-3/8 and Extreme Networks Inc. (EXTR)
added 9/16 to 89-7/16. The companies are working together to give Internet
providers faster-performing equipment and better network results.
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