Internet issues finished lower amid profit taking and concerns over the
supply of Net shares out-stripping demand. Volume remained light as
investors were logging off and preparing to enter the new millennium.
internet.com’s Internet Stock Index fell 11.50, or 1.32 percent, to 857.24,
the Nasdaq Composite dropped 4.60 to 4036.86 and the Dow Jones industrial
average gave up 31.80 to 11452.86.
lost 3-13/16 to 46-3/4. PCLN has 11.58 million shares coming out of “lockup”
in the next month. Investors are driving the stock down as the extra shares
will upset the stock’s supply vs. demand advantage.
On a brighter note, after selling 1 million grocery items in its first 40
days, the Priceline WebHouse Club took only half that time, 20 days, to sell
an additional 1 million items, bringing the total to 2 million items in just
its New York metropolitan area launch.
lost 7 to 268-13/16/ CMGI’s majority owned, ad-supported free Internet
access solutions company, 1stUp.com reported a 30 percent increase in the
total hours consumers accessed its network during the month of December, as
compared to November.
“Increasingly, consumers are dropping their fee-based
Internet service providers for our affiliate-branded free offerings, like
AltaVista Free Access…consumers are beginning to realize they no longer
need to pay for an easy-to-use, complete dial-up Internet service offering,”
said Charles Katz, president and CEO of 1stUp.com.
Internet Capital Group (ICGE)
gained 3/4 to 165-1/4. Steel maker Weirton Steel Corp. on Wednesday
announced it had sold a portion of its stake in online steel commerce
business MetalSite LP to ICGE for roughly $180 million.
Due to the New Year’s holiday the markets will close at 1pm ET on Friday,
December 31st. See you tomorrow on the eve of a new millennium!
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