SAN FRANCISCO -- Much of the Internet sector was ripe for some profit taking. Well, it happened, and in a big way.
saw losses following its earnings report Tuesday. It closed down 19 1/8, or 24%, at 60 3/8.
Bankers Trust Alex Brown
downgraded the stock to buy from strong buy because of a shortfall in revenue.
Also among the day's losers were
, down 42 11/16, or 14%, at 255 1/8. That stock had gained more than 140 points from April 5 through 13. Also,
, up more than 100 points in April, closed down 39 1/2, or 17%, at 189 1/2.
In advance of its earnings report after the close today,
closed down 25 1/4, or 15%, at 148, dragging other online brokerages with it.
Leading, Not Following
Communication-chip manufacturers were among the day's top gainers due in part to a positive earnings report from
. Linear closed up 4 5/8, or 8%, at 61. Though the company matched earnings expectations, it reported a record net income of $49.8 million, which was up 6% year-over-year. It also reported that sales increased 8% sequentially, profit increased 9% sequentially and a record 38% return on sales.
Others in the sector benefited as well.
closed up 3 15/16, or 9%, at 47 3/4;
closed up 4 11/16, or 7%, at 75 15/16;
Maxim Integrated Products
closed up 3, or 5.5%, at 58.
Tomorrow's News from Japan Today
Consumer electronics companies are already salivating at the chance to digitize the world's television screens, and
, the worldwide leader in broadcasting equipment, is taking one of the first steps. Sony will jointly develop digital editing systems for TV broadcasters with
will be the duo's first client, according to Japanese newspaper
Nihon Keizai Shimbun