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RealTime IT News

Internet Stocks Lag Behind Blue Chips

Shares of Internet companies were largely stagnant in mid-day trading Tuesday as issues were being left behind by blue chips. Even a portion of the day's IPOs were being met with a rough reception.

Just after noon, the Dow Jones industrial average was up 67.54 to 10,598.63, the Nasdaq Composite had gained 2.71 to 2,383.61 and internet.com's Internet Stock Index was off 1.80, or .38 percent, to 472.93.

Investors were snapping up shares of DLJdirect (DIR), the online trading unit of Donaldson Lufkin Jenrette. Shares were up 6-3/8 to 26-3/8. DLJ sold 16 million shares at $20 each, raising $320 million.

Shares of other online brokers were mixed. E*Trade Group Inc. (EGRP) was off 3-1/16 to 42, National Discount Brokers Group Inc. (NDB) was up 2-5/8 to 42-3/4 and Siebert Financial Corp. (SIEB) was down 1/4 to 26.

There was also a lot of enthusiasm for StarMedia Network Inc. (STRM). The company, which is often referred to as the America Online of Latin America, was up 10-5/8 to 25-5/8 just after its debut. StarMedia sold 7 million shares at $15, raising $105 million. Juno Online (JWEB) wasn't having as good a debut. The provider of e-mail services and Internet access was down 13/16 to 12-3/16. Juno sold 6.5 million shares at $13 Tuesday raising $84.5 million.

Edgar Online (EDGR) was up 1/16 to 9-9/16 just after opening on its first day. The company Tuesday sold 6.5 million shares at $9.50 each raising $61.75 million.

NetNation Communications Inc. (NNCI) was up 1-3/8 to 4-3/4. The company's shares moved higher after the Internet Corp. for Assigned Names and Numbers certified the company to register domain names once testing of the system is complete in mid-summer.

Online bookseller Barnesandnoble.com (BNBN) was up 2-1/4 to 25-3/16 on its second day of trading. The company debuted Tuesday at $25, up from its offering price of $18.

Internet provider MindSpring Enterprises (MSPG) was up 2 to 71. The company's board of directors Wednesday approved a 2-for-1 stock split.


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