Internet and technology shares were plunging in midday trading in large part due to Microsoft Corp.’s failure to settle its antitrust case.
At noon Eastern, internet.com’s Internet Stock Index had dove 56.64, or 5.90 percent, to 903.59 and the Nasdaq Composite had plunged 242.49 to 4,330.34. Money continued to flow into blue chips, however, sending the Dow Jones industrial average up 128.44 to 11,050.36.
Microsoft Corp. (MSFT) was off 14-3/8 to 91-7/8. U.S. District Judge Thomas Penfield Jackson is expected to issue a ruling this week in the antitrust case filed by the U.S. Department of Justice and 19 states.
Cisco Systems Inc. (CSCO) had lost 3-3/4 to 73-9/16. Judith Estrin is resigning as chief technology officer to take a position with a start-up. She will be replaced by Michaelangelo Volpi, a Cisco executive who has been heavily involved in its acquisition strategy.
Yahoo! Inc. (YHOO) was off 7-3/8 to 164. The company will kick off the earnings parade when it reports its first-quarter results Wednesday. Yahoo! is expected to earn 9 cents a share, up from 3 cents a year ago.
America Online Inc. (AOL) had lost 2-7/16 to 64-13/16. The Internet giant is the sector’s first to break into the Fortune 500 at No. 337.
Ariba Inc. (ARBA) had lost 8-5/16 to 96-1/2. Monday was the first day the e-commerce firm started trading following a 2-for-1 split. The firm’s shares are off 49 percent from its split-adjusted high of 183-1/4.
iPrint (IPRT) had given up 2-3/8 to 16-7/8. W.R. Hambrecht & Co. initiated coverage of the firm with a “buy” rating and a $30 target.
Real Networks Inc. (RNWK) was off 1-3/4 to 55-3/16. Salomon Brothers upgraded the streaming media giant to “buy” from “outperform.”
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