Market Continues Decline, Thanks to Profit Takers

Profit taking was the order of the day, with most of the market seeing red at midday on Tuesday.

At 12:15 p.m. EST,’s Internet Stock index fell 27.17, or 2.95 percent to 894.55, the Nasdaq Composite was down 66.44 to 4345.30 and the Dow Jones industrial average slipped 85.08 to 10134.44.

Global Crossing Ltd. (GBLX) was trading down 4 5/16 to 48 1/16 on news that it purchased network services firm IXnet for $3.8 billion. With the acquisition, Global Crossing said it will move into the desktop-to-desktop multinational corporation market.

America Online Inc.’s (AOL) shares continued to fall, down 1 9/16 to 49 11/16 at midday. The company announced a strategic agreement with, Inc. to promote HomeGrocer’s grocery services on AOL brands. Competitor Peapod, Inc. (PPOD) fell 1 1/16 to 8 5/8 on the news.

[email protected] (ATHM) slipped 9/16 to 33 1/2. The company has plans to spin off its business portal into a separate company, which it will jointly own with Dow Jones & Co. (DJ). Dow Jones was up 5/8 to 62 9/16.

Other industry leaders include Yahoo! Corp. (YHOO), down 5 3/16 to 150 15/16, eBay, Inc. (EBAY), down 2 5/16 to 134 15/16, E*Trade (EGRP) even at 20 1/2,, Inc. (AMZN), down 1/4 to 64 1/2, Schwab (SCH), falling 1 7/16 to 36 13/16, Ameritrade, Inc. (AMTD), gaining 1/16 to 15 3/16, CMGI, Inc. (CMGI) down 4 15/16 to 103 7/16 and Cisco Systems, Inc. (CSCO), falling 1 3/4 to 124 1/16.

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