Internets Soar Amid Blue Chip Pause
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Internet stocks were zooming upward in midday trading Monday, thanks in part to a reversal in strategy by AT&T Corp. which will enable more Internet providers to offer high-speed cable access.
Just before noon Eastern, internet.com's Internet Stock Index had jumped 20.97, or 2.85 percent, to 757.28, the Nasdaq Composite had climbed 30.16 to 2,550.79 and the Dow Jones industrials had fallen 17.13 to 11,269.05.
The vast majority of the sector was in the green, including America Online Inc. (AOL) up 2-5/8 to 81, Ariba Inc. (ARBA) adding 4-3/4 to 209-3/8, Broadcom Corp. (BRCM) adding 9-3/8 to 217-1/8, CMGI Inc. and (CMGI) up 9-5/16 to 169-3/8 and Doubleclick Inc. (DCLK) up 12-13/16 to 182-3/16.
AT&T Corp. (T) was up 1-1/8 to 58-1/8 and Excite@Home (ATHM) had fallen 2-1/8 to 49-15/16. AT&T Monday said it will open its cable infrastructure to other ISPs once its exclusivity contract with Excite@Home expires in mid-2002. MindSpring Enterprises (MSPG) had soared 5-5/16 to 37-5/8 on news the ISP will be one of the first to offer high-speed cable access to its customers.