Internet Stocks Off In Mid-Session, B&N Rockets
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Shares of many Internet companies were still trying to make a comeback in mid-day trading, although the sea of red was subsiding as several issues were in positive territory.
The Dow Jones industrial average was up 61.06 to 10,715.73, the Nasdaq Composite was off 1.74 to 2,451.92 and internet.com's Internet Stock Index had fallen 5.02, or .98 percent, to 505.53.
IPOs continued to be snapped up Tuesday, benefitting the online component of bookseller Barnes and Noble. barnesandnoble.com (BNBN) was up 5-7/8 to 23-7/8. The company sold 25 million shares at $18, raising $421.6 million.
One of the sector's biggest gainers was Speedus.com Inc., a provider of Local Multipoint Distribution Service Internet access in the New York area. The company's shares had rocketed 3-15/16 to 7-11/16 on news that it licensed technology from Cisco Systems Inc. to offer full-motion, full-screen video.
Online job site CareerBuilder Inc. (CBDR) was up 1-5/8 to 14-1/4. Microsoft announced plans to invest $17.8 million in the company and the two will team up on a job listings service that will be launched throughout Microsoft's Web network.
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