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RealTime IT News

Big-Cap Internets Gain Amid Earnings Flood

Investors were coming back to Internet stocks in midday trading Wednesday as earnings continue to pour in across the sector.

Just before noon, internet.com's Internet Stock Index was up 11.67, or 2.46 percent, to 485.32, the Nasdaq Composite had climbed 9.97 to 2,689.30 and the Dow Jones industrial average was up 8.23 to 10,987.22.

All of the sector's leaders were higher, including America Online Inc. (AOL) up 2-5/8 to 100-13/16, Yahoo! Inc. (YHOO) rising 6-13/16 to 138-1/8, CMGI Inc. (CMGI) up 5-11/16 to 95-15/16 and Amazon.com Corp. (ATHM) up 4-3/8 to 105-3/8.

Priceline.com Inc. (PCLN) had jumped 8-21/32 to 82-5/16. The company Wednesday teamed with Auto Nation Inc. to allow users to bid on new cars.

Bluefly Inc. (BFLY) had climbed 1-3/4 to 11-7/8. A group of investors led by George Soros invested $10 million in the online retailer of discounted designer clothing.

eToys (ETYS) fell 1-25/32 to 37-1/2. The online toy retailer reported a fiscal first quarter operating loss of $17.9 million, or 17 cents a share. That beat analyst estimates by 2 cents.

Shares of Infospace (INSP) slumped 3-3/16 to 52. The company reported an operating profit of $409,000, or 1 cent a share. That's substantially higher than analyst forecasts calling for a 4-cent loss.


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