RealTime IT News

Earnings, Stock Splits Dominate Internet Sector

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.

InsWeb Corp. (INSW) rocketed 14-9/16 to 31-9/16 on its first day of trading. The online insurance provider sold 5 million shares Thursday at $17.

SportsLine USA Inc. (SPLN) plunged 7 to 32. BT Alex. Brown and Deutsche Bank both lowered their rating on the stock Friday to "buy" from "strong buy."

America Online Inc. (AOL) lost 3 to 107-1/2, ending what has been a rough week for the stock. AOL shares tumbled 11 percent this week despite the fact the online leader reported earnings of 13 cents a share earlier this week. That's 2 cents ahead of analyst expectations.

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.

Real Networks Inc. (RNWK) added 1-9/32 to 90. The streaming media company broke even in the second quarter, beating forecasts of a 2-cent loss.

Shares of Redback Networks Inc. (RBAK) soared 21-1/8 to 169-1/8. The company Friday announced a 2-for-1 stock split that will take effect Aug. 19.

"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.

VerticalNet Inc. (VERT) lost 3-3/8 to 93. The Web hosting company for businesses reported a second-quarter loss of 40 cents a share, 3 cents more than analysts were expecting.

Stock-split news also helped Verio Inc. (VRIO), sending shares up 2-5/8 to 81-5/8. Verio is also splitting its stock 2-for-1 on Aug. 20.

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.

VeriSign Inc. (VRSN) soared 6-3/16 to 82-3/8. 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 2-3/4 to 124-5/8, Inktomi Corp. (INKT) up 2-1/2 to 112-3/8 and Lycos Inc. (LCOS) gained 3-1/16 to 94-15/16.

Decliners included Internet provider Concentric Network Corp. (CNCX) off 2-7/8 to 30-5/8. Other losers were Ariba Inc. (ARBA) down 7-1/16 to 105-1/4, and BroadVision Inc. (BVSN) down 1-1/2 to 66-3/8.


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