SAN FRANCISCO -- Market jitters have overshadowed several Internet-related mergers and left the sector weak at the start of the session.
TheStreet.com Internet Sector
index was off 17.42, or 2.6%, at 641.37 early on. Weakness was stemming from losses in the broader market after sharp losses in Latin American equity markets, particularly Argentina.
Among today's Net deals,
said it was merging with
, the club-based direct marketer of music and videos, which is owned equally by
. Sony and Time Warner will each own 37% of the new public company resulting from the get-together. CDnow's existing shareholders will own the remaining 26%.
Separately, CDnow said it expects its loss per share, excluding amortization of goodwill and other intangibles and one-time charges, to be narrower than the
consensus estimate of a loss of 83 cents a share. CDnow was off 2 15/16, or 13%, at 19 5/16 in early trading.
said it was buying
, a provider of online advertising and direct marketing software solutions, in a stock swap valued at $530 million. DoubleClick was off 2, or 2%, at 92 in early trading, while NetGravity was down 3, or 11%, at 24 1/2.
said today it had purchased Web retailing specialist
in a deal valued at around $425 million. Excite@Home will issue 8.3 million shares of stock for iMall. Excite@Home was off 1 5/8, or 3%, at 49 7/8 early in the session, while iMall was down 15/16, or 4%, at 21 3/8.
While other Net companies have chosen to grow by buying others,
continues to expand internally. The online retailer launched two new stores:
Amazon.com Toys & Games
. In early trading, Amazon was off 1, or 1%, at 116 3/8.
were lower for the second straight day. On Monday, the company filed for a public offering of 3.3 million common shares. Inktomi, which dropped 8 points on Monday, was off another 6, or 4.5%, at 126 early today.
On the IPO front,
(CHINA:Nasdaq), a portal that operates Web sites at
, will go public today. It was priced at $20 Monday.