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Internet stocks still stuck in tailspin

Internet stocks in the U.S. were bludgeoned Monday as the Nasdaq composite tumbled 50 points to close at 2,398.30. The Dow Jones industrial average picked up 73 points to 10,563.33.
Written by Larry Barrett, Contributor on

Light trading and a lack of important news or earnings report conspired to tag technology stocks. "They are starting to buy nearly everything except technology," said Trude Latimer, an independent stock broker in the U.S. eBay Inc. had the roughest day of all, falling 31 3/8 to 134 after warning that numerous outages will shave $3m (£1.83m) to $5m from the company's second quarter revenue. Yahoo! Inc. fell 16 to 119 1/2 while America Online Inc. and Amazon.com Inc. shed 9 1/2 and 13 25/32 a share, respectively.

DoubleClick Inc. sawed off 18 1/16 to 70 3/4 after the company said it would acquire a consumer marketing firm for $1bn. Lycos Inc. plunged 14 11/16 to 70 1/16 and Infoseek Corp. dropped 6 1/4 to 38 1/4.

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