Internet stocks take beating

Internet stocks take beating

Internet stocks on US markets took a beating this week, with Infoseek down 24.6 per cent and Excite down more than 22 per cent.

Infoseek dropped $14.87 to close at $US45.62 and Excite dropped $30.87 to a still very high $US108.50.

Others on the downward spiral today were: Cnet, which dropped 28.3 per cent to $US86; Onsale fell 21.2 per cent to $US23.87; ETrade Group fell 20.2 per cent to $US73.81; Lycos dropped nearly 18 per cent to $US75.75; America Online fell 17 per cent to $US115.87; was down 16.3 per cent to $US158.93; Yahoo was down 13.5 per cent to $US163.68; and Preview Travel was down 10.6 per cent to $US20.50.

Computer-related stocks didn't see such deep downward swings. For instance, Apple Computer was down 4.4 per cent to $US33.87, Dell Computer and Gateway 2000 were both down 7.3 per cent to $US35.43 and $US59.50 respectively, while Hewlett-Packard was up 1.4 per cent to $US71.37.

On the software side, Intuit was down 17.4 per cent to $US78.93 and Macromedia was down 14 per cent to $US36.31. Going up, relatively, were Inprise jumping 12.3 per cent to $US3.68 and Corel rising 3.9 per cent to $US3.31 after announcing its purchase of GraphicCorp.

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