Bad news for Internet stocks, which continued their plunge in Monday’s trading.
Business-to-business (B2B) e-commerce issues led the decline for the second
straight week as investors were awaiting U.S. District Judge Thomas Penfield
Jackson’s ruling in the Microsoft antitrust case.
internet.com’s Internet Stock Index dropped 102.65, or 10.69 percent,
to 857.58 and the Nasdaq Composite fell 349.20 to 4223.63. Money
continued to flow into blue chips, however, sending the Dow Jones industrial
average up 300.01 to 11221.93.
Commerce One (CMRC)
gave up 31-1/4, or 21 percent, to 118, Ariba (ARBA)
lost 16-1/8 to 88-11/16 (shares split 2-for-1), and Internet Capital Group (ICGE)
finished 12-9/64 lower at 78-11/64.
Microsoft Corp. (MSFT)
dropped 15-3/8 to 90-7/8. U.S. District Judge Thomas Penfield Jackson is
expected to issue a ruling today at 5 p.m. in the antitrust case filed by the
U.S. Department of Justice and 19 states. Settlement talks between MSFT and
the Justice Department broke down over the weekend.
Cisco Systems Inc. (CSCO)
slipped 4-3/8 to 72-15/16. Judith Estrin is resigning as chief technology
officer to take a position with a startup. She will be replaced by
Michaelangelo Volpi, a Cisco executive who has been heavily involved in its
acquisition strategy.
Yahoo! Inc. (YHOO)
was off 11-1/4 to 160-1/8. The company will kick off the earnings parade
when it reports its first-quarter results Wednesday. Yahoo! is expected to
earn 9 cents a share, up from 3 cents a year ago.
America Online Inc. (AOL)
lost 2-3/8 to 64-7/8. The Internet giant is the sector’s first to break into
the Fortune 500 at No. 337.
iPrint (IPRT)
was 3-1/4 lower to 16. W.R. Hambrecht & Co. initiated coverage of the firm
with a “buy” rating and a $30 target.
Real Networks Inc. (RNWK)
gave up 5-1/2 to finish at 51-7/16. Salomon Brothers upgraded the streaming
media giant to “buy” from “outperform.”
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