US Internet stocks take a beating

The bubble may have burst. Internet stocks on US markets took a beating today, with many of the larger Internet companies stocks falling by as much as 28 per cent.

Infoseek dropped 24.6 per cent to close at $US45.62 and Excite dropped 22 per cent to a still very high $US108.50.

Others on the downward spiral were: Cnet, which dropped 28.3 per cent to $US86; Online share trader ETrade Group fell 20.2 per cent to $US73.81; Lycos dropped nearly 18 per cent to $US75.75; America Online fell 17 per cent to $US115.87; Amazon.com was down 16.3 per cent to $US158.93; and Yahoo was down 13.5 per cent to $US163.68.

Computer-related stocks didn't see such deep downward swings. For instance, Apple Computer was down 4.4 per cent to $US33.87, Dell Computer and Gateway 2000 were both down 7.3 per cent to $US35.43 and $US59.50 respectively, while Hewlett-Packard was up 1.4 per cent to $US71.37.

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Elinor Mills

PC World
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