ISDEX Recovery Continues
Page 1 of 2
Internet stocks were again putting together a strong session midday Wednesday even though disappointing earnings were taking a toll on several sector plays.
At 12:30 p.m. Eastern, internet.com's Internet Stock Report had jumped 22.44, or 3.03 percent, to 762.40, the Nasdaq Composite was up 42.02 to 3,835.59 and the Dow Jones industrial average had lost 13.34 to 10,754.08.
Money continued to flow into sector leaders, sending a number of companies higher. Advancers included Ariba Inc. (ARBA), up 6-1/2 to 71-1/4, Broadvision Inc. (BVSN) was up 4-1/4 to 42-1/2, Exodus Communications (EXDS) up 9-5/16 to 120-5/16, GoTo.com Inc. (GOTO) had climbed 4-13/16 to 39-3/4, Inktomi Corp. (INKT) was up 20-3/4 to 136-3/4, i2 Technologies (ITWO) had risen 15-3/8 to 112-1/2 and Net2Phone Inc. (NTOP) was up 4-5/8 to 48-7/8.
Foundry Networks Inc. (FDRY) had jumped 6 to 87-7/8. The networking equipment maker is teaming up with Compaq Computer Corp. to combine its Internet traffic management systems with Compaq's caching appliance.
The sector's biggest loser was InsWeb Corp. (INSW), which had plunged 3-9/32 to 2-21/32. The online insurance broker said State Farm Insurance, one of its largest customers, would no longer participate in its online marketplace. InsWeb said that decision would lead to lower revenues. The company is also cutting 10 percent of its work force.
internet.com's HotWatch a monthly e-mail newsletter featuring Internet Stock Report's top 10 noteworthy Internet stocks for the month. Each month you will receive in-depth analysis on the top 10 Internet stocks to watch with the information you need to assess the fast-paced nature of Internet stocks. Staying on top of