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Internet sector declines amid Yahoo's stumble, but pares losses
Category: Internet
The Internet sector fell Monday before paring its losses, as Microsoft Corp.'s withdrawal of its buyout bid for Yahoo Inc., cast a pall on the group.
The Internet Holdrs ETF (HHH) shed 4% to $55.77, with 8 of its 12 components trading lower. The Internet sector tracking stock was down as much as 6.8% at the intraday low of $54.16, which was the lowest price seen since March 20.
Yahoo Inc. (nasdaq: YHOO - news - people )'s stock, the second-largest component within the HHH as of Friday's closing prices, slumped 16% to $24.16, paring losses of as much as 20% seen earlier in the session.
Microsoft (nasdaq: MSFT - news - people ) said over the weekend that it was pulling its bid for the company because, 'despite out best efforts, including raising our bid by roughly $5 billion, Yahoo has not moved toward accepting out offer.'
Yahoo's shares were still above the Jan. 31 close of $19.18, the day before Microsoft originally announced its bid to buy Yahoo for $44.6 billion, or $31 a share.
EBay Inc. (nasdaq: EBAY - news - people ), the most-heavily weighted HHH component, slipped 0.2% to $31.05, and Amazon.com (nasdaq: AMZN - news - people ), the third most-heavily weighted member, eased 0.6% to $76.85.
Among other more-active HHH components, Time Warner (nyse: TWX - news - people ) Inc., which owns AOL, tacked on 0.9% to $15.91, E-Trade Financial shed 1.4% to $4.15, TD Ameritrade (nasdaq: AMTD - news - people ) gained 1.2% to $19.24 and McAfee (nyse: MFE - news - people ) Inc. lost 0.7% to $34.02.
http://www.forbes.com/markets/feeds/afx/2008/05/05/afx4969544.html
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