Internet Stocks Lag Behind Blue Chips
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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.
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.
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