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RealTime IT News

Internet Stocks Mixed Bag

Shares of Internet companies were mixed at midday during a session that saw profit-taking combining with welcome news to split the sector.

Just before noon, internet.com's Internet Stock Index was off 2.77, or .56 percent, to 496.25, the Nasdaq Composite had slumped 1.12 to 2,683.32 and the Dow Jones industrial average was off 43.37 to 10,925.85.

SportsLine USA Inc. (SPLN) had tanked 6 to 33. BT Alex. Brown and Deutsche Bank both lowered their rating on the stock Friday to "buy" from "strong buy."

On the plus side, shares of Redback Networks Inc. (RBAK) climbed 7-5/8 to 155-5/8. The company Friday announced a 2-for-1 stock split that will take effect Aug. 19.

Stock-split news was also helping Verio Inc. (VRIO), sending shares up 2-1/16 to 81-1/16. Verio is also splitting its stock 2-for-1 on Aug. 20.

CMGI Inc. (CMGI) was up 2-7/16 to 99-1/16. Investors were applauding news that Navisite, a CMGI subsidiary, plans to go public. CMGI previously announced it will give its shareholders a chance to get in on the IPOs of CMGI holdings.

VeriSign Inc. (VRSN) was up 4-31/32 to 81-5/32. The digital certificate provider Thursday reported second-quarter revenues increased 119 percent over last year's figures.

Sector leaders were mixed with Broadcom Corp. (BRCM) up 4-1/16 to 125-15/16, Inktomi Corp. (INKT) up 1-7/8 to 111-3/4 and Lycos Inc. (LCOS) up 2-9/16 to 94-7/16.

Decliners included Internet providers EarthLink Networks Inc. (ELNK) down 2-9/16 to 53-7/16 and Concentric Network Corp. (CNCX) off 2-3/16 to 31-5/16. Other losers were Ariba Inc. (ARBA) down 4-5/16 to 108, and BroadVision Inc. (BVSN) down 3-13/16 to 64-1/16.


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