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Tech Industry

Market Close: Dow loses 235 points; Internets belted

After a one-day reprieve from the recent selloff, Internet stocks resumed their slide Thursday as the Nasdaq composite fell 8 points to 2,419.19 while the Dow plunged 235 points to close at 10.466.93.

"It feels like we're getting a lot of this summer selloff out of the way before the summer starts," said Arthur Hogan, market analyst at Jefferies & Co.

Yahoo! Inc. (YHOO) fell 7 1/2 to 133 3/8. America Online Inc. (AOL) dropped 4 5/16 to 116 and Lycos Inc. (LCOS) shed 4 to 98.

Autobytel.com Inc. (ABTL) closed up 7 3/8 to 23 1/8 after announcing strong results from its referral business. Healtheon Corp. (HLTH) spent most of the day in positive territory before closing off 2 to 85 on concerns about its product line.

Amazon.com Inc. (AMZN) lost 6 3/8 to 114 9/16 while Infoseek Corp. (SEEK) and Excite Inc. (XCIT) shed 7/8 and 4 a share, respectively.

IBM fell 1 15/16 to 116 3/16. Intel Corp. (INTC) added 1 7/16 to 53 1/8 and Advanced Micro Devices Inc. (AMD) closed off 7/16 to 18 7/8.

Among widely held PC stocks, Dell Computer Corp. (DELL) lost 1/16 to 34 1/2; Compaq Computer Corp. (CPQ) and Gateway Inc. (GTW) each fell 3/8 and Apple Computer Inc. (AAPL) closed off 9/16 to 43 1/2.

Level 3 Communications Inc. (Nasdaq: LVLT) gained 2 1/16 to 78 after Broadcast.com Inc. (Nasdaq: BCST) agreed to use its streaming media technology. Broadcast.com fell 6 5/16 to 99 1/4.

Edify Inc. (Nasdaq: EDFY), which agreed to be bought by Security First Technologies Corp. (Nasdaq: SONE), added 1 1/16 to 10 7/8 after Intuit Inc. (Nasdaq: INTU) completed its $50 million investment in Security First. Security First closed up 2 1/4 to 34 3/8.

Microsoft Corp. (MSFT) trimmed 1/8 to 78 3/8 and Sun Microsystems Inc. (SUNW) fell 2 1/16 to 58 3/4. Oracle Corp. (ORCL) closed up 1/8 to 23 9/16.

Cisco Systems Inc. (CSCO) dropped 1 1/8 to 108 and Ascend Communications Inc. (ASND) plunged 2 1/16 to 89 9/16.