| Internet stocks suffered through another brutal session Monday as investors once again engaged in a massive selloff of technology and Internet shares. While the end-of-day numbers weren't pretty, the Nasdaq did manage to recover from a 297-point loss.
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internet.com's Internet Stock Index had fell 52.25, or 7.31 percent, to 662.79, the Nasdaq Composite lost 161.50 to 3,482.38 and the Dow Jones industrial average gained 62.05 to 10,906.10.
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Leading the downward charge was Microsoft Corp. (MSFT), plunging 12-5/16 to 66-5/8. The U.S. Justice Department and several of the 19 states involved in its antitrust lawsuit are reportedly considering a breakup of the software giant as a remedy in the case. Also, the company's third-quarter revenue rose less than forecast.
Exodus Communications Inc. (EXDS) plunged 25-3/16 to 82-1/2. The Web hosting firm reported a first-quarter loss of 32 cents due to higher acquisition costs. That's up substantially from a loss of 14 cents a year ago. Robertson Stephens Monday reiterated its "buy" on the stock, setting a $245 target. Senior E-Commerce Analyst Rick Juarez raised fiscal 2000 revenue estimates to
$780.5 million from $752.9 million and fiscal year 2001 revenues to
$1.65 billion from $1.4 billion.
"We believe that Exodus is one of the leading contenders in a new
category that we term the Internet Utility Platform or IUP provider,
which tightly integrates the access and hosting components. We believe long-term gross margin improvements
will be driven by contribution from higher margin managed services and
improved economies of sale. Yet, we believe that short-term gross
profits will reflect costs associated with the company's accelerated
buildout schedule," he wrote in a research note.
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Yahoo! Inc. (YHOO) lost 9-1/4 to 113-7/8. Barron's reported the company's advertising revenue may be hurt by a dry up of venture capital funding for Internet companies.
Priceline.com Inc. (PCLN) tumbled 6-1/8 to 61-3/4. The company reported a first-quarter loss of 4 cents a share, 2 cents better than expected.
Critical Path (CPTH) dropped 8-1/8 to 37. The fall came despite a report of better-than-expected quarterly earnings. In its latest quarter, the e-mail outsourcing company lost 33 cents a share, 8 cents better than forecasts.
Advancers included NetZero Inc. (NZRO), vaulted 3-5/32 to 11-7/16. Wireless communications firm Qualcomm Inc. (QCOM) invested $144 million in the free ISP.
Garden.com (GDEN) jumped 1/2 to 5-3/4. The company reported a loss of 65 cents a share as revenue tripled.
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