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Dow on a roll, techs slump

The Dow Jones Industrial Average scores its fifth consecutive record high, but a sell-off in technology stocks depresses the Nasdaq Composite Index.

The Dow Jones Industrial Average scored its fifth consecutive record high today, but a sell-off in technology stocks depressed the Nasdaq Composite Index.

The Dow closed up 31.17 points, or .3 percent, at 10,493.89. The tech-heavy Nasdaq Composite Index fell 39.34 points, or 1.56 percent, to close at 2,482.43.

Internet stocks remained mixed. Online brokers Ameritrade and E*Trade were weaker following a harsh beating yesterday. Shares of Ameritrade lost 10.63 to 126, and E*Trade dropped 8.88 to 92.56.

Shares of Internet directory Excite slid after the company posted first-quarter results that missed analysts' estimates. As previously reported, Excite posted a net loss of $7.4 million, or 14 cents a share. But excluding charges, the company posted a net profit of $2.5 million, or 4 cents a share. Analysts polled by First Call expected the company to earn 5 cents. Excite fell 7.56 to 139.38.

Meanwhile, shares of online retailer Amazon.com surged 13.6 percent after the company said it expects revenue from its online auctions could exceed $20 million this year and $65 million in the year 2000. The company's stock jumped 22.75 to 190.

Shares of Lycos earlier were trading higher after the company said its third-quarter earnings will meet analysts' estimates, but they slipped into negative territory in the afternoon. The company is projected to report a loss of 3 cents a share for the quarter, according to the average estimate of First Call analysts. Lycos closed down 2.31 at 92.25.

America Online was down 4.13 at 139.75, Yahoo slumped 5.44 to 189.19, and Infoseek fell 4.13 to 60.5.

In the tech sector, shares of Sun Microsystems fell 5.5 to 54.94. After yesterday's close, the computer networking company posted net income of 36 cents per diluted share on revenue of $2.936 billion, edging past Wall Street estimates of 35 cents per share, as previously reported.

After posting gains all day, shares of Inktomi fell .69 to 118.5. The search technology and software developer beat expectations in its third quarter. Inktomi lost $4.6 million, or 9 cents per share, beating Wall Street's expectations of a 12-cent-per-share loss, according to First Call. Revenues of $14.6 million were up sharply from $3.5 million for last year's quarter.

The company today also announced a Web software pact with online retailer CyberShop. Under the agreement, CyberShop will incorporate its products into Inktomi's Shopping Engine tool. The Inktomi Shopping Engine will be built into 20 Internet portal and destination sites, providing shoppers with fast search access to more than 2 million products, both companies said.

CyberShop gained .63 to close at 12.75.

Bloomberg contributed to this report.