Internet Stocks Go Quietly
Page 1 of 1
Internet stocks went quietly Wednesday, although a few of the sector's leaders turned in solid gains, benefitting from earnings surprises and acquisition news.
Internet.com's Internet Stock Index closed up 7.12, or 1.24 percent, to 580.05, the Nasdaq Composite ended up 19.05 to 2,577.41 and the Dow Jones industrial average added 50.44 to 10,887.39.
America Online Inc. (AOL) erased gains of more than 5 to close up only 15/16 to 135. AOL Wednesday met with analysts and investors to talk about its future plans. No major announcements came out of the meeting, although speculation was AOL would unveil a new DSL service in partnership with several regional telephone companies.
Redback Networks (RBAK) turned in another solid performance Wednesday, closing up 6-3/8 to 90-1/2. The company's shares rocketed more than 64 in their first full day of trading Tuesday.
eBay Inc. (EBAY) gained 7-1/4 to 196-13/16. The online auctioneer purchased Kruse International, an auctioneer of collectible cars as well as Billpoint, a provider of credit card processing services, for $275 million.
Merrill Lynch Internet analyst Henry Blodget raised his price target to $170.
IDT Corp. (IDTC) added 7/8 to 28-1/8. The company announced its Net2Phone subsidiary, which offers Internet telephony services, will sell up to $50 million in stock in an initial public offering.
Online community (TGLO) fell 2-1/16 to 20-1/16 after saying it plans to sell another 6 million shares at $20 each.
ALL NEW! internet.com's HotWatch a monthly e-mail subscription for $99, featuring Internet Stock Report's Steve Harmon, and his 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 market changes in the Internet Stock market is what counts. For $99 per year, you receive 12 timely issues sent to you by e-mail. Don't wait, our next issue will be out before you know it with a whole new perspective on the market. Sign up today at: e-newsletters