Portals Lead Internet Stocks Higher
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News from many of the leading Internet portals was sending their shares higher in what is shaping out to be another good day for the sector.
Just after noon, internet.com's Internet Stock Index was up 14.14, or 2.86 percent, to 508.01, the Nasdaq Composite was up 28.17 to 2,591.61 and the Dow Jones industrial average was off 62.69 to 10,792.87.
Yahoo! and Japan's Softbank also reportedly plan to spend $8.2 million on their Yahoo! Japan joint venture through the year 2000. That's five times higher than the amount spent through March 31 of this year.
Excite@Home Corp. (ATHM) gained 3-15/16 to 56-3/8. On Monday, the company partnered with General Magic to offer Excite Voicemail. Excite also inked a deal with Lipstream to offer its members real-time voice conversations over the Internet.
Online brokers were also doing well. E*Trade Group Inc. (EGRP) was up 1-3/4 to 36-3/4. The company partnered with AT&T to offer six months of Internet access to new E*Trade customers. DLJdirect (DIR) was up 1-1/4 to 29-13/16 after Merrill Lynch initiated coverage with near and long-term "accumulate" ratings and Ameritrade Holding Corp. (AMTD) was up 4-7/8 to 77-13/16.
Online music retailer CDNow Inc. (CDNW) jumped 2-5/16 to 17-11/16. Reports over the weekend indicated Deutsche Telekom is eyeing a $100 million investment in the company. Based on Friday's market cap, that would represent a 22 percent stake.
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