Internet stocks finished lower in a broad market retreat, due in part due to
comments from Abby Joseph Cohen of Goldman Sachs, who recommended investors
decrease their technology holdings.
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Cohen, who chair's Goldman's investment policy committee and has
traditionally been one of Wall Street's most bullish analysts, said she was
cutting the percentage of equities in her model portfolio by 5 percent to 65
and increased the amount of cash from zero to 5 percent.
internet.com's Internet Stock Index finished down 23.83, or 2.21 percent, to
1,056.67, the Nasdaq Composite plunged 124.56 lower to 4834.00 and the Dow
Jones industrial average lost 89.74 to 10,936.11.
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Infospace (INSP)
slumped 11-11/16 lower to 166-11/16. internet.com analyst, Chris Nerney featured the stock in today's Stock Tracker report.
Shares of About.com (BOUT)
was up most of the day before slipping 1-7/16 to 89-7/8. The online media
network of niche focused sites plans to purchase Sombasa Media, an online
marketing firm for roughly $35 million in stock. Reporter@Large Luke
Fronefield featured About.com in a recent research note. In addition, he will
soon interview the company's CEO, Scott Kurnit.
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Business-to-business e-commerce (B2B) stocks continued slumping except for
Ariba Inc. (ARBA), up 6-7/16 to 252-1/4.
Buy.com (BUYX)
added 5/8 to 10-1/4. The online retailer Tuesday launched a site targeting
U.K customers. Bill Burnam, a partner at Softbank Capital Partners talked
about Buy.com in an exclusive interview.
Checkpoint Software (CHKP)
lost 6-11/16 to 198-1/4, Juniper
Networks (JNPR)
soared 30-9/16 higher to 307, Net2Phone (NTOP)
gained 2-5/8 to 54-1/8 and Verisign
Inc. (VRSN)
slipped 1-3/4 lower to 187-1/2.
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Autoweb.com Inc. (AWEB)
gained 9/16 to 8-3/4. The online auto retailer expects first-quarter revenue
to surpass original forecasts. It also projects its quarterly loss will be
25 percent below estimates. Fellow auto e-tailer Autobytel (ABTL)
also added 9/16 to finish at 8-15/16.
eBay Inc. (EBAY)
lost 16 to 223-13/16 despite Paine Webber hiking its price target by $60 to
$285. The firm maintained its "buy" rating.
RealNetworks Inc. (RNWK)
gave up 4-25/64 to 68-15/64. Dain Rauscher Wessels initiated coverage with a
"buy," setting a $100 target.
Efficient Networks Inc. (EFNT)
finished 13-9/16 lower to 158. The maker of high-speed Internet access
equipment Tuesday purchased Netscreen Technologies Inc. for $905.9 million
in stock.
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