Wednesday was a volatile day for technology stocks, with the Nasdaq dropping 167 points before rebounding to positive territory — only to close the day down more than 24 points. The wild trading was perhaps best illustrated by what happened to shares of Internet holding company CMGI (Nasdaq: CMGI), which has been one of the stock market’s top performers in recent months.
Shares of CMGI closed down 10-3/4 to 283 on Wednesday. The stock opened at 285-1/4, fell as low as 248-5/8 and climbed into positive territory, trading as high as 301-1/16 before retreating. That is a 50-point range for a heavily traded stock. Volatility, indeed.