Mild strength in the Internet sector couldn't stop the overall technology market from losing ground Wednesday.
The tech-heavy Nasdaq Composite Index dropped 25.99 to 2,730.26, the S&P 500 fell 13.83 to 1,268.37, and the Dow Jones Industrial Average slid 62.05 to 10,213.48. Inter@ctive Week's @100 Index rose 98.56 to 4,934.11, while the @Net Index accrued 1 to 323.46.
Amazon.com (Nasdaq: AMZN) soared 15 to 80 7/8 as the most active stock on U.S. markets. The company announced plans to let small businesses and consumers to sell products through its Web site.
eBay Inc. (Nasdaq: EBAY) moved up 1 to 139. During a presentation at a San Francisco investment conference, the online auctioneer announced plans to launch a high end collectibles website next month.
Shares of Excite@Home (Nasdaq: ATHM) picked up 5 1/16 to 43 7/16 on rumors America Online (NYSE: AOL) would buy part or all of the cable Internet access provider. AOL shares seesawed during the session before closing at 109 1/8, down 3/4.
eToys Inc. (Nasdaq: ETYS) gained 6 1/4 to 65 7/8 on optimism about holiday sales.
A trio of new offerings saw mildly positive debuts. Netsolve (Nasdaq: NTSL) rose 6 to 19, ShopNow.com (Nasdaq: SPNW) advanced 11/16 to 12 11/16, and FTD.com (Nasdaq: EFTD) picked up 5/8 to 8 5/8.
Yahoo Inc. (Nasdaq: YHOO) tumbled 5 3/8 to 179 5/16 after CEO Tim Koogle reiterated the portal operator's intention to stay independent.
IP telephony specialist VocalTec (Nasdaq: VOCL) went up 1 1/4 to 14 1/4. Cisco Systems (Nasdaq: CSCO), down 1 9/16 to 66 13/16, and VocalTec signed a distribution deal. VocalTec also benefited from the disclosure of its stake in ITXC Corp. (Nasdaq: ITXC), which went public yesterday. ITXC advanced for a second day, rising 4 to 32 1/4.
eGlobe Inc. (Nasdaq: EGLO) rose 25/32 to 3 27/32. Kaufman Bros. analyst Vik Grover reiterated a "buy" rating on the Internet telecom and information services company, which yesterday unveiled a deal to buy Trans Global Communications Inc. for $80 million in stock.
The Scandinavia Co. (AMEX: SCF) shot up 10 to 54 7/8. One of its subsidiaries, Mirror Image Internet Inc., recently boosted its backbone network capacity in the United Kingdom and Germany.
SanDisk Corp. (Nasdaq: SNDK) increased 3/8 to 70 7/8 after saying the Taiwanese earthquake did less damage than initially feared to the plants that make its flash memory chips.
Global Crossing Ltd. (Nasdaq: GBLX) dropped 11/32 to 25 29/32 in giving back some of yesterday's gains. The telecom company yesterday closed its acquisition of Frontier Corp.
Among other active tech-related stocks, Intel (Nasdaq: INTC) slid 2 5/16 to 75 3/16, Microsoft (Nasdaq: MSFT) retreated 2 5/8 to 89 1/2, and Dell (Nasdaq: DELL) went down 1 5/16 to 42 9/16.>