GE, Xoom Deal Drives Net Stocks Higher
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Big-cap Internet stocks were driven higher Monday in a session dominated by a big announcement from General Electric Co. and Xoom.com Inc.
Internet.com's Internet Stock Index gained 28.79, or 5.29 percent, to 573.02, the Nasdaq Composite gained 22.78 to 2,526.40 and the Dow Jones industrial average shed 24.63 to 11,006.96.
CNET Inc. (CNET) shares soared 22-7/16 to 136-3/16. The company, which co-owns the Snap! portal with NBC, benefitted from news that NBC will merge its Internet assets with Snap.com and newly-acquired Xoom.com to create the Web's seventh-largest Web network. Shares of Xoom.com (XMCM) gained 6-3/4 to 81-7/8.
Shares of America Online Inc. (AOL) jumped 10-11/16 to 128-7/8. Rajiv Chaudhri, founder of the technology hedge fund Digital Century, predicted AOL's earnings may double each year for the next several years.
Those reports also benefitted shares of Internet investment firm CMGI Inc. (CMGI), sending them up 16-11/16 to 237-15/16. That firm is Lycos' largest shareholder and has actively campaigned against USA Networks' buyout.
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