Persistant inflation fears kept Internet stocks in the negative column for another day Monday, although shares pared some of their losses just before the closing bell. Solid earnings reports made it a different story for blue chips, which gained almost 100 points.
internet.com’s Internet Stock Index closed off 10.16, or 1.93 percent, to 515.99 and the Nasdaq Composite fell 42.68 to 2,689.15 while the Dow Jones industrial average erased gains of almost 20 at midday to finish up 96.57 to 10,116.28
Most of the Internet leaders ended lower, including eBay Inc. (EBAY) off 4-5/8 to 129-1/2 after hitting 124-1/2 earlier in the day. The company Monday officially launched new sites in Australia and New Zealand.
Other losers included Amazon.com Corp. (AMZN) off 1 to 74-1/16, Broadvision Inc. (BVSN) lost 9-5/8 to 152-3/8, Broadcom Corp. (BRCM) fell 6-7/16 to 112-3/16, eToys Inc. (ETYS) closed down 7-1/16 to 63-1/2, Network Solutions Inc. (NSOL) dropped 6-9/16 to 85-9/16, Priceline.com Inc. (PCLN) closed off 3-3/16 to 64-3/8 and 24/7 Media Inc. (TFSM) dropped 4-13/16 to 35-13/16.
CMGI Inc. (CMGI) lost 3-1/2 to 94-5/16. The company Monday purchased Activate.net, which specializes in the deployment of audio and video to online communities.
Redback Networks Inc. (RBAK) dropped 10-3/8 to 115-1/2. The computer networking equipment company said last week insiders were now able to sell a portion of their holdings.
Youbet.com Inc. (UBET) plunged 1-9/32 to 3-23/32. The Internet gambling company was cut to long-term “attractive” from “buy” by BancBoston Robertson Stephens.
Theglobe.com (TGLO) shed 3/4 to 10-5/16 on top of its 19 percent drop last week after issuing an earnings warning.
It wasn’t all red ink among the leaders, however. America Online Inc. (AOL) gained 1 to 110 after Merrill Lynch raised its subscriber gain estimates for the quarter by 100,000 to 950,000.
Also, Real Networks Inc. (RNWK) closed up 2-5/8 to 95-9/16 ahead of an earnings report due out later this week.
Phone.com Inc. (PHCM) jumped 18-1/4 to 218 after annoucning a 2-for-1 stock split which takes effect Oct. 29.
In the e-finance sector, E*Trade Group Inc. (EGRP) fell 1-3/4 to 23-5/16.The company Monday formed a joint venture with two German firms to target that European market. Ameritrade Holding Corp. (AMTD) closed off 9/16 to 16-3/4. The company announced plans to begin offering its investors access to initial public offerings.
Excite@Home Corp. (ATHM) slumped 2-1/4 to 38-9/16. The company announced plans to take its service to five additional countries in Europe, Australia and Japan.
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