Internet issues recovered slightly from midday levels on Wednesday. News
that successful hacking attempts were spreading to some of the Web’s most
popular sites had a major impact on the day’s trading.
internet.com’s Internet Stock Index closed off 2.00, or 0.22 percent, to
922.33, the Nasdaq Composite fell 63.56 to 4363.94 and the Dow Jones
industrial average plunged 258.44 to 10699.16.
SoftNet Systems (SOFN)
lost 2-5/16 to 42-3/16. CMGI (CMGI)
and Compaq Computer (CPQ)
will invest $100 million in an initiative with SOFN to bring broadband and
mobile Internet services to global business travelers.
The FBI said in a news conference Wednesday morning it is investigating the
rash of “denial of service” attacks. Such attacks involve using automated
tools to flood Web sites with traffic until they are overwhelmed with
requests and will no longer function.
The attacks were good news for Internet security specialists whose stocks
moved higher in Wednesday’s trading. Those benefiting included Keynote
Systems (KEYN), up 4-15/16 to 118-1/2, ISS Group (ISSX), gainede 7-7/8 to 81-3/4 and Axent Technology (AXNT), up 5 to 28-1/4.
Cisco Systems Inc. (CSCO)
added 3 to 128-13/16. The company Tuesday reported a fiscal second-quarter
operating profit of 25 cents a share, beating analysts’ estimates by a
penny. The company also announced a 2-for-1 stock split.
Subscribe to internet.com’s HotWatch, a monthly e-mail newsletter
featuring Internet Stock Report’s top 10 noteworthy Internet stocks for the month. Each month you will receive in-depth analysis on the top 10 Internet stocks to watch with the information you need to assess the fast-paced
nature of Internet stocks. Staying on top of market changes in the Internet Stock
market is what counts. You receive 12 timely issues sent to you by e-mail. Don’t wait, our next issue will be out before you know it with a whole new perspective on the market. Sign up today at: e-newsletters