Internet stocks turned south Tuesday afternoon, extending red ink that started to flow in late morning. Investors sold off sector leaders, putting the Nasdaq in negative territory for the first time in four sessions.
internet.com’s Internet Stock Index plunged 44.24, or 5.62 percent, to 742.30, the Nasdaq Composite dove 172.61 to 3,785.47 and the Dow Jones industrial average tumbled 80.66 to 10,731.12.
Net stocks losing ground included Amazon.com Inc. (AMZN), off 3-3/16 to 56-1/8, eBay Inc. (EBAY) tumbled 12-1/4 to 143-3/8, Inktomi Corp. (INKT), plunged 18-7/8 to 145-3/4, Juniper Networks (JNPR), dove 21-1/16 to 197-7/8 and Yahoo! Inc. (YHOO) shed 8-5/16 to 122-9/16.
One of the few winners was network chip maker Broadcom Corp. (BRCM), up 7-3/4 to 182. The company Tuesday introduced a new, low-cost chip capable of transmitting data at up to 10 gigabits a second for 50 kilometers.
Kana Communications Inc. (KANA) added 3 to 49-5/16. The business e-mail software maker was upgraded to Goldman’s recommended list from “market outperform.”
Modem Media Poppe Tyson (MMPT) rose 3-1/16 to 16-13/16. CS First Boston initiated the interactive ad agency at “strong buy,” setting a $35 target.
Also in the e-finance sector E*Trade Group Inc. (EGRP) shed 1-3/16 to 19-5/8. A unit of the company was fined $20,000 and censured by securities regulators for not responding to requests for information following customer complaints.
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