Investors Applaud CMGI-AltaVista Deal
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Just before noon, internet.com's Internet Stock Index was up 10.16 to 515.80, the Nasdaq Composite was up 11.12 to 2,613.56 and the Dow Jones industrial average had added 29.44 to 10,684.59.
CMGI (CMGI) was up 8-3/4 to 106-7/16. The company announced Tuesday it was paying $2.3 billion in stock for an 83 percent stake in AltaVista. Compaq will retain a 17 percent stake which will make it AltaVista's second-largest shareholder.
Online investment bank Wit Capital (WITC) jumped another 8 to 35-1/16. Wit shares have been on an incredible tear over the past week, in part because Wit was allocated a portion of Juniper Networks, last week's hot Internet IPO.
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