Ryan Jacob

In a major blow to one of the nation's leading Internet mutual funds, Ryan Jacob announced that he's stepping down as manager of the $660-million Internet Fund. Jacob did not return calls Wednesday. But executives with Kinetics Asset Management, the North Babylon, N.Y., company that runs the fund, said Jacob left to start his own company. Since taking over the portfolio in 1997, the 29-year-old wunderkind guided it to cumulative returns of 570%.

Ryan Jacob, who resigned last month as manager of the Internet Fund, the sixth-best-performing stock fund in the U.S. this year, is introducing a rival fund and is in talks to sell an equity interest in his new company. Jacob, 29, filed documents with the Securities and Exchange Commission to open the Jacob Internet Fund and register his company, Jacob Asset Management, as an investment advisor. . . . A New York Stock Exchange seat sold for $2.5 million on Thursday, a 4% decrease from the previous sale.

Ryan Jacob, who resigned last month as manager of the Internet Fund, the sixth-best-performing stock fund in the U.S. this year, is introducing a rival fund and is in talks to sell an equity interest in his new company. Jacob, 29, filed documents with the Securities and Exchange Commission to open the Jacob Internet Fund and register his company, Jacob Asset Management, as an investment advisor. . . . A New York Stock Exchange seat sold for $2.5 million on Thursday, a 4% decrease from the previous sale.

In a major blow to one of the nation's leading Internet mutual funds, Ryan Jacob announced that he's stepping down as manager of the $660-million Internet Fund. Jacob did not return calls Wednesday. But executives with Kinetics Asset Management, the North Babylon, N.Y., company that runs the fund, said Jacob left to start his own company. Since taking over the portfolio in 1997, the 29-year-old wunderkind guided it to cumulative returns of 570%.

Amazon.com Inc. said it will slash more book prices by as much as 40% as the Internet bookseller seeks to lure customers from established retailers. The promotion was increased to 400,000 titles. It will also cut prices on paperbacks by 20% and hardcovers by 30%, matching discounts offered by Barnes & Noble Inc.'s Web site, which was launched last month. Amazon.com's move comes amid concern that retailing on the Internet won't be as popular as some analysts and executives had projected.

K-Tel International Inc. said Tuesday that it will sell music on Playboy Enterprises Inc.'s Web site, pushing its stock up 93% even though analysts expressed skepticism that the deal could make K-Tel a competitive force in online music. K-Tel, which advertises music compilations such as "Hooked on Classics" on television, will list its 250,000 music titles in a jointly developed store on http://www.playboy.com. Terms of the agreement weren't disclosed.

Ticketmaster Group Inc. shares closed 3% below their offering price in the first day of trading as investors apparently were concerned that the ticket seller will face problems expanding into new businesses and markets. The stock, priced at $14.50 a share to investors Monday, opened Tuesday at $15.25 but then fell as low as $13.50 in Nasdaq trading before closing at $14.125, down 37.5 cents from the offering price. More than 2.7 million shares traded.

Yahoo Inc. beat analysts' expectations again, reporting strong third-quarter earnings Wednesday amid soaring traffic to its popular Web site. The No. 1 Internet directory earned $16.6 million, or 15 cents a share, in the quarter ended Sept. 30. Analysts surveyed by First Call Corp. had expected 9 cents a share. In the same quarter a year before, net income was just $681,000, or 1 cent a share. Revenue was $53.6 million, nearly triple sales of $18.1 million for the same quarter in 1997.

The Internet stock sell-off went from bad to worse Monday as America Online, EBay, Charles Schwab and Amazon.com led the sector lower on growing concerns that the Web's growth pace may have hit stumbling blocks. Net stocks had soared in the last year on expectations that revenue from Web-based businesses would boom for the next five to 10 years. But that strong pace may not be as steady as projected based on recent events, analysts said. Visits to top Web sites were little changed at 61.

Your Weekend Viewing/Listening Some highlights of business programming. (All times are Pacific time.) Today * 1 p.m.: "Business Hour With Bob McCormick." Joyce Gioia, author of "How to Become an Employer of Choice" (KNX-AM [1070]) * 3:30 p.m., 7 p.m., 8:30 p.m.: "Moneyline." (CNN) * 4 p.m.: "Market Week With Maria Bartiromo." (CNBC; also airs Saturday and Sunday at 4 p.m. and 11 p.m.) * 5:30 p.m.: "Nightly Business Report." Ryan Jacob, portfolio manager, Jacob Internet Fund.

Mossimo Inc., the Irvine-based sports and leisure wear company, joined the parade of apparel-related public stock offerings to light up Wall Street, rocketing 39% above its initial offering price Friday and ending the day as the second-most-active issue on the New York Stock Exchange. Hot from the moment the market opened, Mossimo's stock closed at $25, with 3.6 million shares changing hands. The company's shares were priced at $18, above the anticipated $14 to $16 range.