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biz.yahoo.com
Friday July 16, 2:18 pm Eastern Time
Internet shares slip, investors focus on earnings
By Ian Simpson
NEW YORK, July 16 (Reuters) - Internet shares eased Friday as investors took profits and looked ahead to benchmark earnings' releases next week.
The American Stock Exchange's 50-share Internet index (^IIX - news) was off 1.74 points, or 0.54 percent, at 320.36 points. Despite a rebound in the last month, the gauge is 10 percent off its record close in late April.
The index was off even as the technology-laden Nasdaq composite index (^IXIC - news) rose 0.53 percent to 2,854 points, building on its record close Thursday.
Among narrower Internet indexes, the Dow Jones electronic commerce gauge (^DJECOM - news) was off 2.12 percent. The Dow Jones Web service index (^DJISVC - news) eased 0.29 percent.
''I suspect it's a mix of profit-taking and waiting for companies to come out'' with earnings announcements, John Atkin, an analyst at Ferris Baker Watt in Baltimore, said of the decline.
Several leading Internet companies release quarterly results next week. They include access provider ExciteAtHome Corp. (Nasdaq:ATHM - news) Tuesday, followed by service provider America Online Inc. (NYSE:AOL - news) and retailer Amazon.com Inc. (Nasdaq:AMZN - news) Wednesday.
''Generally the fundamentals we've seen going through the earnings season have been very strong,'' said Robert Fagin, an analyst at Bear Stearns.
''Next week is going to be a big week for evaluating fundamentals.''
America Online was off 1-5/16 at 119-11/16 and Amazon.com slipped 2-1/16 to 137-1/2. ExciteAtHome was off 2 at 45-9/16.
Security Dynamics Technologies Inc. (Nasdaq:SDTI - news) dropped 3-1/8 to 20-7/8 after the electronic security firm reported second-quarter earnings that met Wall Street forecasts.
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