Nasdaq, Net Stocks Take Another Hit

Internet stocks got hammered again in Wednesday’s trading, pushing the
NASDAQ composite below 4,000. Shares of Yahoo bucked the trend, finishing
higher; the stock is nearly 50 percent off its 52-week high.’s Internet Stock Index was down 64.28, or 7.97 percent, to
742.53, the Nasdaq Composite dropped 286.27, or 7.06 percent, to 3,769.63,
and the Dow Jones industrial average lost 161.95 to 11,125.13.

Internet Capital Group (ICGE)
fell 10-7/16 to 47-1/8, Commerce
plunged 16-1/4 lower to 93-3/4,
was down 7 to 56-3/8, Broadcom Corp.
lost 18-5/8 to 158 and Broadvision
tanked 5-15/16 to 41.

Other heavy losers included Cisco Systems
down 5 to 65, Doubleclick Inc. (DCLK)
off 6-3/16 to 70-3/8, and Juniper Networks
, down 19-1/8 to 204-1/8

Terayon Communication Systems Inc. (TERN)
dropped 43 to 119-3/4. The cable modem maker reported a first-quarter loss
of $1.04 compared to a 32-cent loss a year ago. (EFTD)
was unchanged at 2-11/16. Shares tumbled Tuesday and were opened late
Wednesday after the firm announced Peter Poli, its chief financial officer,
was leaving to join an unnamed Internet start-up.

Checkpoint Software Technologies Ltd. (CHKP)
slipped 1-15/16 to 167-9/16. The firewall maker reported first-quarter
earnings jumped 77 percent to 40 cents a share. That was a nickel above
analyst estimates.

E*Trade Group Inc. (EGRP)
was off 11/16 to 22-3/4. The online broker earned $1.3 million in its fiscal
second quarter compared to a loss of $13.3 million a year ago. That
translates into a break-even quarter, much better than the 16-cent loss
analysts had forecast.

Goldman Sachs’ Richard Sherlund lowered his fiscal third-quarter revenue
forecasts for Microsoft Corp. (MSFT)
to $5.75 billion from $5.95 due to a slowdown in personal computer sales.
Shares were down 4-1/2 to 79-3/8.

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