Shares of Asian portal China.com Corp. staged a big recovery Thursday and was one of only a few Internet stocks on the upside in what was turning out to be another rough day for U.S. markets.
Just after 11:30 a.m. Eastern, internet.com’s Internet Stock Index had fallen 14.45, or 2.89 percent, to 484.82, the Nasdaq Composite was off 35.46 to 2,779.71 and the Dow Jones industrial average had tumbled 79.79 to 10,721.63.
China.com Corp. (CHINA) had jumped 6-11/16 to 59-5/16, reversing a downslide seen earlier in the week. Shares were benefitting from from Lehman Brothers Asia reiteriating its “buy” rating.
On Wednesday, shares fell more than 10 points after the Chinese government announced plans to ban any foreign investment in Chinese-based Internet companies. China.com released a statement on the situation, saying, “We have a long history of cooperation with the Ministry of Information Industry of China and we are well positioned to take advantage of China’s growing economy and the ongoing development of e-commerce in China to promote exports.”
Inktomi Corp. (INKT) was off 5-1/32 to 124-3/8. The company Thursday purchased WebSpective, a provider of content distribution and tracking software, for $106 million.
Elsewhere, most of the leaders were lower including America Online Inc. (AOL) down 3-3/16 to 85-11/16, Amazon.com Corp. (AMZN) was off 2-3/16 to 68-3/8, CMGI Inc. (CMGI) had fallen 4-3/16 to 81-5/16, eBay Inc. (EBAY) was off 6 to 146 and Real Networks Inc. (RNWK) had tumbled 4-5/16 to 88-1/4.
Other decliners included Homestore.com Inc. (HOMS) down 6-9/32 to 49-15/16, AskJeeves (ASKJ) off 3-3/8 to 38-3/8 and About.com Inc. (BOUT) had fallen 3-3/16 to 32-5/8.
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