Internet stocks continued to decline Wednesday as investors broadened their focus to include stocks with lower valuations as well as cyclical big cap stocks and small-cap issues.
Internet.com's Internet Stock Index fell 39.48, or 6.20 percent, to 597.51 while the Nasdaq Composite shed 52.15 to 2,550.26 and the Dow Jones industrial average gained 13.74 to 10,845.45.
Amazon.com Inc. (AMZN) fell 13 to close at 192-7/8. In after-hours trading on Instinet, the stock had slumped 2-7/8 to 190. After the bell, the company reported an operating loss of 23 cents a share, beating analyst forecasts of a 29-cent loss. Amazon's revenues grew to $294 million from $87 million in the quarter a year ago. Customer accounts increased from 6.2 million to 8.4 million.
GlobeAdvisor.com::
Last year it was Internet stocks, this year it's Enron. If you're a small investor, the appeal of independent analysis just keeps on growing.
http://secure.globeadvisor.com/education/retire/article.html?/education/gen1/eduretire.htmlHOME |
Offshore Week - Platinum Offshore Management Services::
Fund managers are increasingly betting on stocks and moving away from bonds as optimism rises according to a new survey of investors by Merrill Lynch.
http://www.barbados.org/business/poms/offshore_week.htmHOME |
Movers included DoubleClick Inc. (DCLK) which shed 13 to 135-1/2, falling for a second day. The company fell 13 percent Tuesday after reporting first-quarter earnings that only matched analysts' expectations.
America Online Inc. (AOL) lost 9 to 144 after also matching analysts' forecasts. Donaldson Lufkin Jenrette Wednesday raised its price target on AOL to $200 from $125 a share.
Internet provider Mindspring Enterprises Inc. (MSPG) lost 13-5/8 to 102-11/16 despite reporting better-than-expected earnings this week. Still, Mindspring shares have climbed an impressive 72 percent this year.
eBay Inc. (EBAY) lost 16-11/16 to 192-9/16. On Monday, the company reported earnings of $5.9 million, or 5 cents a share, beating forecasts by 3 cents.
Shares of Excite Inc. (XCIT) fell 9-3/4 to 146-7/8 and @Home Corp. (ATHM) slumped 10-1/4 to 144. @Home's buyout of Excite was approved by the Justice Department and Federal Trade Commission on Wednesday, clearing the way for a shareholder vote on May 28.
SEC Investor - The Insider's Guide to SEC Filings::
The internet has become the new operating system with many companies moving many of their operations online. Microsoft Corporation (NYSE: MSFT) holds the
http://www.secinvestor.com/HOME |
Women's online network iVillage (IVIL) sunk 10-1/8 to 85 despite reporting a pro-forma net loss of 96 cents a share Wednesday, beating forecasts of a $1.07 loss.
Investors continued to be kind to Internet IPOs. Razorfish Inc. (RAZF) jumped 12-7/8 to 46-3/8 Wednesday on its second day of trading. The company, which designs Web sites for electronic commerce companies, sold 3 million shares raising $48 million on Monday.
ALL NEW! internet.com's HotWatch a monthly e-mail subscription for $99,
featuring Internet Stock Report's Steve Harmon, and his top 10 noteworthy
Internet stocks for the month. Each month you will receive in-depth
analysis on the top 10 Internet stocks to watch with the information you need to assess
the fast-paced nature of Internet stocks. Staying on top of market changes in the
Internet Stock market is what counts. For $99 per year, you receive 12 timely
issues sent to you by e-mail. Don't wait, our next issue will be out before
you know it with a whole new perspective on the market.
Sign up today at: e-newsletters
 Where's The Advantage In Windows Genuine Advantage?
 Stocks Bounce After S&P Joins Bear Market
|
PRINT
Add to favorites