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Net stocks sink
despite bright spots
By Jennifer
Waters, CBS.MarketWatch.com |
Last Update: 9:51
AM ET Apr 2, 2001 |
NNEW YORK (CBS.MW) – Internet
stocks slipped in early trading Monday despite a few noteworthy bright
spots.
The Goldman Sachs Internet
Index ($GIN) was a tad lower at 110.67. The Merrill Lynch Internet
Holdrs Index (HHH) fell nearly 2 percent, to 34.40.
Priceline.com was zipping
ahead as much as 23 percent after reiterating its financial outlook
for the first and second quarters. In a press release, Priceline (PCLN)
said it expects to report a loss of 5-to-7 cents a share for the first
quarter and anticipates an operating profit of sequential revenue
growth of 10 percent to15 percent in the second quarter.
Recently, shares were
changing hands for $3.06, up 53 cents.
RealNetworks (RNWK) jumped
nearly 7 percent after announcing that it was in a deal with AOL Time
Warner (AOL), Bertelsmann AG and EMI Group plc to create a new service
called MusicNet that the firms hope will jump-start online music
subscriptions.
In recent trading,
RealNetworks was changing hands at $7.50, up 44 cents. AOL has off 62
cents to $39.62.
Jennifer Waters is a reporter for CBS.MarketWatch.com.
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