Internet stocks…how low can they go? That is the prevailing question on the
minds of Internet stock investors. After rebounding to positive levels in
mid-day trading, shares plunged again as investors especially punished the
incubator and business-to-business e-commerce sectors.
internet.com’s Internet Stock Index lost 42.01, or 5.66 percent, to 700.52,
the Nasdaq Composite fell 92.85 to 3,676.78 and the Dow Jones industrial
average plunged 201.58 lower to 10,923.55.
Internet Capital Group (ICGE)
fell 5-5/16, or 11 percent, to 41-13/16. The B2B holding company is now
trading 80 percent off its 52-week high of 212, reached in early January.
CMGI (CMGI)
lost 4-3/16 to 66-1/4. The company’s stock has also severely struggled
despite news that partner company, AltaVista, will IPO some time next week.
Ameritrade Holding Corp. (AMTD)
was off 1-1/16 to 17-7/16. The online broker reported fiscal second-quarter
profits of 2 cents a share, much better than estimates of a 4-cent loss. The
company also added 319,000 accounts in the quarter, 47 percent more than the
previous quarter.
eBay Inc. (EBAY)
slipped 4-9/16 to 138-13/16, i2 Technologies (ITWO)
was unchanged at 86, and Vignette Inc.
(VIGN)
was up 13-1/8 to 132.
Ariba Inc. (ARBA)
lost 6-15/16 to 65-1/16. The electronic commerce software maker reported
second-quarter revenues rose 322 percent. The company lost 6 cents a share
in the period, 2 cents better than estimates.
E.piphany Inc. (EPNY)
was up 2-31/64 to 79-51/64. The customer management software provider said
Thursday Hewlett-Packard Co. was buying an enterprise license to install its
E.4 platform.
FileNet Corp. (FILE)
added 1-5/16 to 24-1/2. The company, which sells Internet-based document
management systems, reported first-quarter earnings of 18 cents, 3 cents
better than analysts had forecast.
Online grocer Webvan (WBVN)
gained matured 13/16 to 6-5/16 after Bear Stearns & Co. initiated coverage
with an “attractive” rating.
PSINet Inc. (PSIX)
was off 1-3/4 to 22. Jefferies & Co. Thursday halved its target price to $35
while maintaining its “buy” rating.
Redback Networks Inc. (RBAK)
lost 13-7/8 to 82-1/8. The telecommunications networking company reported
first-quarter earnings of 5 cents a share, beating forecasts by 2 cents.
