Earnings, Stock Splits Dominate Internet Sector
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Shares of Internet companies ended mixed as stock splits and earnings captured the lion's share of the news. As has often been the case recently, investors eagerly snapped up InsWeb Corp., Friday's Internet IPO.
internet.com's Internet Stock Index rebounded to end up 3.98, or .80 percent, to 503.00, the Nasdaq Composite added 7.97 to 2,692.41 and the Dow Jones industrial average slumped 58.26 to 10,910.96.
Continuing on the earnings front, Excite@Home Corp. ended up 13/16 to 46-1/16. The company posted a second-quarter operating loss of 2 cents a share, in line with expectations. That compares with a loss of 5 cents a year ago.
"Name-your-price" retailer Priceline.com Inc. (PCLN) lost 2-3/8 to 81-3/16. The company regisgtered to sell at least 5.5 million shares and $250 million in convertible subordinated notes. Of the 5.5 million shares being sold, 2 million will be sold by the company and the remainder by current investors.
CMGI Inc. (CMGI) added 9/16 to 97-3/16. 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.
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