Internet stocks continued their free-fall as investors await first quarter
numbers. Business-business (B2B) e-commerce stocks took it on the chin again
today after last week’s strong gains.
internet.com’s Internet Stock Index dropped 67.72, or 6.41 percent, to
988.95, the Nasdaq Composite plunged 189.22 lower to 4644.67 and the Dow
Jones industrial average gained 84.16 to 11020.27.
Shares of Ariba (ARBA)
were down 26-1/8 to 226-1/8, Commerce
One (CMRC)
finished 23 lower to 183, and VerticalNet (VERT)
lost 21-1/4 to 160.
CDnow Inc. (CDNW)
dropped 1-9/16 to 3-1/2. Shares plunged after Arthur Andersen, CDnow’s
accountant, questioned the company’s ability to continue operations. In its
annual report filed Tuesday, CDnow estimates it only has enough cash
remaining to operate through Sept. 30.
eBay Inc. (EBAY)
lost 24-13/16 to 199 and Inktomi Corp.
(INKT)
gave up 23 to 182.
Other big losers included Infospace.com
Inc. (INSP), down 21-5/8 to 145-1/6, Network
Solutions Inc. (NSOL)
22-5/8 lower to 181 and Yahoo! Inc. (YHOO), which fell 17-15/16 lower to 177-1/16.
Multex.com (MLTX)
slipped 2-9/16 to 31-9/16. The online provider of investment information
fell after Prudential Securities issued a “hold” rating on the stock.
Excite@Home (ATHM)
rose 3-3/8 to 37-11/16. The cable Internet provider reached new distribution
deals with several of its cable partners. The deals will lead to the opening
of Excite@Home lines to other Internet providers wishing to offer high-speed
service to their customers. Also, the company announced it was no longer
planning to establish a tracking stock for its Internet properties.
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