Internet and technology stocks were taking another beating Monday, falling across the board amid investor concerns over current valuation levels.
At noon Eastern, internet.com’s Internet Stock Index had tumbled 31.66, or 4.8 percent, to 617.36, the Nasdaq Composite had fallen 163.83 to 3,226.57 and the Dow Jones industrial average had fallen 210.41 to 10,416.44.
Notably, of all the stocks in the ISDEX, only one in positive territory. Open Market Inc. , was up 11/16 to 10-15/16.
WebMethods Inc. had plunged 15-5/8 to 71-3/8. The provider of B2B trading networks Monday bought Active Software Inc. for $1.3 billion in stock.
Vignette Corp. fell 11-11/16 to 32-1/8. The software maker Monday purchased OnDisplay, a provider of XML solutions, for $1.7 billion.
Drkoop.com Inc. tumbled 3/8 to 2-1/8. The online medical site late last week laid off a third of its staff in a cost-reduction effort.
Online brokers were getting hit following reports of declining volume on the Nasdaq. Since many online investors heavily trade technology and Internet issues, the trend stands to cut into online broker revenues. Charles Schwab was off 2-15/16 to 38-15/16, TD Waterhouse Group Inc.
was off 1-1/8 to 16-7/16 and DLJdirect
was down 5/8 to 9-3/8.
E*Trade Group Inc. was down 2-3/8 to 16-5/8. The online broker Monday launched a new network giving investors in Sweden the ability to buy U.S. stocks.
eBay Inc. had lost 1-15/16 to 116-1/4. The online auctioneer Monday unveiled a new wireless strategy.
Broadvision Inc. was off 4-3/4 to 38. The company Monday teamed with Bank of America on an alliance to promote shopping over intranet sites.
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