MIDDAY MARKETS: Advertisers and incubators suck techs lower
The Inter@ctive Week @Net Index was also off, falling 14 to 414.37.
Engage (Nasdaq: ENGA) and 24/7 Media (Nasdaq: TFSM) both crashed after reporting disappointing quarters. Engage dropped 1.28 to 2.19 while 24/7 Media slumped 1.06 to 3.56. Their dour results didn't bode well for competitor DoubleClick (Nasdaq: DCLK), down 3.63 to 15.13, and other online advertisers.
Internet Capital Group (Nasdaq: ICGE) and CMGI (Nasdaq: CMGI), two Internet incubators, both took a tumble. Internet Capital Group shed 5.44 to 10.81 while CGMI lost 3.69 to 18.13
After taking a beating all week, Broadcom Corp. (Nasdaq:BRCM), up 9.69 to 161.50, reassured investors that it will meet analysts' estimates for its fourth fiscal quarter, ending Dec. 31. Shares in the company have plunged since Cisco (Nasdaq: CSCO) made statements about low inventory levels.
Yahoo! Inc. (Nasdaq: YHOO) announced that it will buy Kimo, a web portal in Taiwan, for over $146 million. Amazon (Nasdaq: AMZN) dropped 1.5 to 32.38 and AOL (NYSE: AOL) shed 2.37 to 53.93.
Shares of computer maker Dell (Nasdaq: DELL) slumped 2.06 to 28.25 in anticipation of the company's earnings report today after the bell.
Walt Disney Internet Group (NYSE: DIG) shares were off 0.56 to 7.06 after the company reported a smaller-than-expected loss for its fourth quarter, but sales declined.
Among other leading tech issues: Cisco (Nasdaq: CSCO) rose 0.19 to 52.31, Intel (Nasdaq: INTC) lost 1.06 to 41.63, Microsoft (Nasdaq: MSFT) gained 0.44 to 69.88, and Oracle (Nasdaq: ORCL) moved up 0.94 to 25.75.