Internet stocks were pausing Friday after taking in several recent run-ups that have led the Nasdaq Composite to soar 13 percent this month and an incredible 53 percent this year going into the week's last session.
Just after noon Eastern, internet.com's Internet Stock Index was off 2.86, or 0.42 percent, to 677.41, the Nasdaq Composite was up 1.20 to 3,348.31 and the Dow Jones industrial average had shed 34.26 to 11,001.44.
Leaders were mixed, with Ariba Inc. (ARBA) up 4-1/2 to 210-3/4, Broadcom Corp. (BRCM) climbing 10-3/16 to 185, Broadvision Inc. (BVSN) adding 5-3/4 to 98 and Juniper Networks (JNPR) gaining 10-1/4 to 314.
On the losing side, CMGI Inc. (CMGI) was down 5-1/8 to 120-15/16, eBay Inc. (EBAY) had shed 4-1/16 to 148-3/16, Inktomi Corp. (INKT) had lost 4-5/8 to 130 and Network Solutions Inc. (NSOL) had tumbled 4-1/2 to 153-7/8.
Elsewhere in the sector, SportsLine USA (SPLN) had jumped 5-1/2 to 45-1/4. CBS, which owns a major stake in the company, Friday announced it had signed an 11-year, $6.2 billion agreement that gives it the right to broadcast NCAA college basketball.
China.com Corp. (CHINA) American depository receipts jumped another 22-1/2 to 115-7/8. The company acquired four Internet businesses in Asia and announced a 2-for-1 stock split.
M&A's Take a Breather - Business News - WWD.com::
Retail Stocks Rally as Market Posts Strong Gains. Posted August 08, 2008 M&A's Take a Breather. By Vicki M. Young. Posted Tuesday August 05, 2008
http://www.wwd.com/business-news/mas-take-a-breather-1703222?navSection=business-newsHOME |
Internet Stocks Take A Breather::
After posting solid gains over the past few sessions, Internet stocks ended mixed Tuesday as investors took some money off the table and shifted it to blue
http://news.earthweb.com/bus-news/article.php/106591HOME |
Customer management and billing software maker Portal Software (PRSF) was up 4-1/8 to 96-1/8 after Merill Lynch raised its intermediate rating to "buy" from "accumulate" and set a $140 price target.
Finally, Newbridge Networks Corp. (NN) had tumbled 2-1/4 to 21-3/4. The Canadian networking company reported earnings of 8 cents a share, a penny below expectations.
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Stocks Take Breather