Investors hoping for Internet stocks to reverse their slides of last week Monday were sorely disappointed as the sector once again racked up heavy losses. Tuesday investors will turn their attention to the latest consumer price index numbers which will be issued shortly after the market opens.
At noon Eastern, internet.com’s Internet Stock Index was off 14.34, or 2.73 percent, to 511.80, the Nasdaq Composite had fallen 55.70 to 2,676.13 and the Dow Jones industrial average had slumped 15.20 to 10,004.51 after briefly flirting with positive territory.
Most of the Internet leaders were lower, including eBay Inc. (EBAY) off 7-3/8 to 126-3/4. The company Monday officially launched new sites in Australia and New Zealand.
Other losers included Amazon.com Corp. (AMZN) off 3-13/16 to 71-1/4, Broadvision Inc. (BVSN) down 7-1/16 to 154-15/16, Broadcom Corp. (BRCM) falling 7-11/16 to 110-15/16, eToys Inc. (ETYS) was losing 4-7/8 to 65-11/16, Network Solutions Inc. (NSOL) falling 6-1/4 to 85-7/8, Priceline.com Inc. (PCLN) was off 5-1/16 to 62-1/2 and 24/7 Media Inc. (TFSM) down 5-9/16 to 35-1/16.
One of the only gainers was Fatbrain.com Inc. (FATB) which was up 5/8 to 20-7/8. Paul Allen’s Vulcan Ventures Monday invested $20 million in the company to help boost Fabtrain’s Internet publishing venture.
CMGI Inc. (CMGI) had shed 4 to 93-13/16. The company Monday purchased Activate.net, which specializes in the deployment of audio and video to online communities.
America Online Inc. (AOL) was off 2-1/4 to 106-3/4 despite Merrill Lynch raising its subscriber gain estimates for the quarter by 100,000 to 950,000.
In the e-finance sector, E*Trade Group Inc. (EGRP) had fallen 1-3/8 to 23-11/16. The company Monday formed a joint venture with two German firms to target that European market. Ameritrade Holding Corp. (AMTD) was off 9/16 to 16-3/4. The company announced plans to begin offering its investors access to initial public offerings.
Excite@Home Corp. (ATHM) had fallen 2-7/8 to 37-15/16. The company announced plans to take its service to five additional countries in Europe, Australia and Japan.
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