Internet Stocks Seesawing In Mid-Session
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Internet issues were going in and out of positive territory on a quiet Thursday dominated by the blue chips, although the latest Internet IPO continued the sector's successful trend.
Just after midday, internet.com's Internet Stock Index was down 8.50, or 1.76 percent, to 475.81, the Nasdaq Composite was off 10.92 to 2,521.49 and the Dow Jones industrial average had climbed 73.14 to 10,651.03.
The day's big winner was IXL Enterprises Inc. (IIXL) which was up 8-11/16 to 20-11/16. The company, which helps businesses design Internet solutions, debuted Thursday after selling 6 million shares at $12 each on Wednesday.
Most of the sector's familiar names were in negative territory, although none released any significant news. Amazon.com Inc. (AMZN) was down 4-1/2 to 107-5/8 after being as high as 114-1/2 earlier in the session, America Online Inc. (AOL) was off 2-7/8 to 107-1/4, eBay Inc. (EBAY) was off 8-5/16 to 160-1/2 and Inktomi Corp. (INKT) had lost 3-1/8 to 88-3/8.
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