To: DAY TRADER who wrote (55181 ) 5/4/1999 8:28:00 PM From: Glenn D. Rudolph Read Replies (1) | Respond to of 164684
Pummeled Internets regain some footing NEW YORK, May 4 (Reuters) - Battered Internet shares regained some ground in early trade Tuesday as investors tested the sector. The American Stock Exchange's 50-share Internet index <.IIX> was up 3.7 points, or 1.17 percent, at 323 points as the gauge marked a turnaround from recent dips. The high-flying sector has been battered in recent days as investors have fled Internet and other technology issues for economically sensitive shares in such industries as autos, metals, paper and oil. Internet shares have also come under scrutiny about their soaring valuations, especially after retailer Amazon.com Inc. <AMZN.O> warned last week of deeper losses in coming quarters. The American Stock Exchange gauge fell 3.6 percent Monday. The index was off 10 percent at Monday's close from its record close April 26, "It looks like they'll try to stabilize today," said Peter Coolidge, senior equity trader at Brean Murray & Co. "There is some renewed interest. Some investors are kicking the tires." Amazon.com, which fell almost 40 points last week, was up 4-14/16 to 155-13/16. CMGI Inc. <CMGI.O>, which develops and runs Internet and direct marketing companies, rose 14-15/16 to 250. RealNetworks Inc. <RNWK.O>, which launched a new platform Monday for downloading and managing digital recorded music, strengthened 15 to 215-1/16. Service provider America Online Inc. <AOL.N> was up 3-7/8 to 137. Among other Internet indexes, the Dow Jones electronic commerce gauge <.DJECOM> was up 2.7 percent and the Dow Jones Internet service index <.DJISVC> rose 2.6 percent. The Dow Jones Internet computer index <.DJINET> was up 2.45 percent.