Digital Island Soars As Investors Flock to Net Stocks
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Shares of Digital Island were soaring in midday trading Wednesday following the announcement of an alliance with Sun Microsystems while Yahoo! Inc. was giving back some of Tuesday's huge gains on its first day as a member of the S&P 500 index.
It was also a good day for NetRatings Inc., an Internet audience measuring firm, which debuted late Wednesday morning on the Nasdaq.
Just after noon Eastern, internet.com's Internet Stock Index had climbed 11.06, or 1.39 percent, to 804.73, the Nasdaq Composite had climbed 29.06 to 3,615.98 and the Dow Jones industrial average was up 19.27 to 11,125.92.
Volpe Brown Whelan Wednesday raised its price target on Inktomi to $195 from $150.
Entrust Technologies Inc. (ENTU) jumped 7-5/8 to 60-13/16. The Internet security software maker signed a deal with Digital Medical Systems Corp. to build a Web-based security Network for a number of Digital's hospital and clinic customers.
Also, ING Barings initiated coverage of Amazon with a "strong buy" rating.
EFax.com Inc. (EFAX) had jumped 2-7/32 to 9-1/8. The company, which allows customers to receive faxes through e-mail, is partnering with Microsoft Corp. (MSFT) and will receive promotion on several Microsoft properties.
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