Internet issues were lower for the third straight day, pushing the Nasdaq to
the second biggest point loss in its history. Investors continue to cash out
after record rallies only a week ago.
internet.com’s Internet Stock Index dropped 56.42, or 6.78 percent, to
775.47 and the Nasdaq Composite plunged another 150.36 to 3727.18 Blue chips
continued their recovery, sending the Dow Jones industrial average up 130.61
One of the biggest gainers was The
Cobalt Group (CBLT)
, up 13-5/8 to 24-1/8. The company, which provides e-commerce services for
auto dealers, unveiled plans to launch a B2B dealer Web site. Robertson
Stephens reiterated its “buy” rating and $50 price target.
Commerce One (CMRC)
lost 26-1/8 to 188-3/8. The business-to-business software company announced
a definitive agreement with Mexico’s Grupo Financiero Banamex-Accival, a
leading financial group, that will offer a B2B electronic marketplace for
Corel Corp. (CORL)
announced that its new operating system, LINUX OS desktop will be the first
Linux based operating system to also run Windows applications over any
connection. Shares of CORL jumped 5-1/2 to 21-1/8.
The leaders responsible for the sector’s recent run-up fell apart on
Thursday. Ariba Inc. (ARBA)
was off 22-1/4 to 150-1/8, Broadvision
lost 30-5/8 to 129-1/4, Doubleclick Inc. (DCLK)
fell 29 to 199, Exodus Communications (EXDS)
tumbled 3-9/16 to 86-3/8 and Goto.com Inc.
declined 7-3/8 to 66-1/8.
Barnesandnoble.com Inc. (BNBN)
gained 5/8 to 14-13/16. The online book retailer reported sales of $81.5
million in the fourth quarter — triple last year’s numbers. For the year,
sales were also up more than 300 percent to $200 million.
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