Network Solutions Rockets On Down Day
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Shares of domain registrar Network Solutions Inc. climbed almost 10 percent Thursday as Internet issues ended mixed in a session where equities were sent tumbling as investors took a "flight to quality." Bond yields were driven up in advance of key economic reports due out Friday that should help shed light on whether higher interest rates are on the horizon.
internet.com's Internet Stock index closed down 6.37, or 1.26 percent, to 498.69, the Nasdaq lost 34.09 to 2,485.26 and the Dow Jones industrial average lost 67.12 to 10,623.17.
Shares of domain registrar Network Solutions Inc. (NSOL) jumped 6 to 66-1/4. The company Thursday received a positive reception during a presentation made at Paine Webber's Growth And Technology Conference.
AOL slumped 5-1/4 to 105-3/4 after Merrill Lynch made cautionary statements about subscriber growth in the company's fiscal fourth quarter which ends June 30. Merrill analyst Henry Blodget cautioned clients AOL is only expected to add 750,000 to 850,000 subscribers in the quarter. He also said international growth is slowing, which he attributed partially to the move toward free Internet access in the U.K.
MessageMedia Inc. (MESG) gained 1-9/16 to 12-15/16. The e-mail marketer Thursday announced plans to buy privately-held Decisive Technology for $50 million in stock. MessageMedia said the acquisition will allow its clients to monitor customer feedback.
Globix Corp. (GBIX) gained 2-3/4 to 37-1/2 on news the ISP is partnering with America Online Inc. (AOL) to provide faster Internet access. Globix will become a peering partner in AOL's TeraPOP Internet traffic exchange.
The other big Internet plays ended mixed, although most were able to erase much of their early losses. Amazon.com Inc.(AMZN) gained 1-15/16 to 115-15/16 after being as low as 110-1/8 and eBay Inc. (EBAY) ended down only 5/16 to 182-11/16 after hitting 175-3/4 earlier in the day. Yahoo! Inc. (YHOO) lost 1-5/8 to 144-3/4 after hitting 140-3/4 and CMGI Inc. (CMGI) slumped 3-3/4 to 101-1/2.
Internet commerce company Open Market Inc. (OMKT) ended up 5/8 to 13-7/8 following two ratings upgrades. Pacific Crest Securities upped its rating to "buy" from "market perform"and BancAmerica Securities upped its recommendation to "buy" from "hold."
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