Internet stocks take beating

Internet stocks on US markets took a beating yesterday, with Infoseek down 24.6 percent and Excite down more than 22 percent.

Infoseek dropped 14.87 to close at US$45.62 and Excite dropped 30.87 to a still very high $108.50.

Others on the downward spiral today were: Cnet, which dropped 28.3 percent to $86; Onsale fell 21.2 percent to $23.87; ETrade Group fell 20.2 percent to $73.81; Lycos dropped nearly 18 percent to $75.75; America Online fell 17 percent to $115.87; Inc. was down 16.3 percent to $158.93; Yahoo was down 13.5 percent to $163.68; and Preview Travel was down 10.6 percent to $20.50.

Computer-related stocks didn't see such deep downward swings. For instance, Apple Computer was down 4.4 percent to $33.87, Dell Computer and Gateway 2000 were both down 7.3 percent to $35.43 and $59.50 respectively, while Hewlett-Packard was up 1.4 percent to $71.37.

On the software side, Intuit was down 17.4 percent to $78.93 and Macromedia was down 14 percent to $36.31. Going up, relatively, were Inprise jumping 12.3 percent to $3.68 and Corel rising 3.9 percent to $3.31 after announcing its purchase of GraphicCorp.

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