Internets Edge Higher in Mid-Session
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A tamer-than-expected consumer price index was leading stocks higher Thursday as the latest economic numbers show inflation is likely to stay in check.
Just before noon, internet.com's Internet Stock Index was up 3.01, or .54 percent, to 562.10, the Nasdaq Composite had climbed 10.44 to 2,828.57 and the Dow Jones industrial average had added 10.77 to 11,158.87.
Among the sessions movers was CyberCash Inc. (CYCH), down 2-5/16 to 10-7/16. Investors were selling the stock after the electronic payment provider warned its second-quarter loss will range from 53 to 56 cents a share. That's about 20 cents higher than analysts had forecast.
The sector's leaders were barely in positive territory with America Online Inc. (AOL) up 5/16 to 123-5/16, Yahoo! Inc. (YHOO) up 7/8 to 160-5/16, Amazon.com Inc. (AMZN) up 3-5/8 to 138-5/8 and DoubleClick Inc. (DCLK) up 5-1/16 to 100-1/8.
internet.com Corp. (INTM) was up 2-9/16 to 21-3/8. The company, which publishes this Web site, announced Thursday it is partnering with Investec Guinness Flight Global Asset Management to establish a mutual fund which tracks internet.com's Internet Stock Index.
NextCard Inc. (NXCD) was up 3/8 to 39-3/8. The Internet credit card issuer Thursday announced it had filed a copyright and trademark infringement lawsuit against Providian Financial Corp. NextCard is accusing Providian of copying one of its banner ads in an attempt to mislead Internet users into navigating to its site.
On the IPO front, broadband equipment maker Efficient Networks Inc. (EFNT) had rocketed 31-1/2 to 46-1/2. The company sold 4 million shares at $15 a share Wednesday, raising $60 million.
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