Late-Day Rally Helps Internets
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Broad markets staged a comeback Tuesday, with the Internet shares showing continued strength.
internet.com's Internet Stock Index was up 19.69, or 4.27 percent, to 480.95, the Dow Jones industrial average rose 65.22 to 11,112.01 and the Nasdaq Composite increased 25.59 to 2,670.87.
SilverStream Software (SSSW) had its IPO today, as shares soared 15-1/2 to 31-1/2. The company develops sophisticated software that connects employees, vendors, and partners within the enterprise environment. Such enterprise software IPOs have done particularly well in the past few weeks.
Although, there was bad news from three upcoming IPOs. Imagex.com Inc. , an online printer, lowered its price range from $12-$14 to $8-$10; NovaMed Eyecare Inc., a laser vision correction company, lowered its price range from $11-$13 to $9-$10; and Tunes.com , an online music portal, lowered its price range from $13-$15 to $9-$11.
Excite@Home (ATHM) climbed 1-9/16 to 39-5/8. Excite@Home and several others Tuesday invested $85 million in Tickets.com, an online ticket agency hoping to challenge Ticketmaster Online-CitySearch, the leader in the market. Ticketmaster (TMCS) was down 1/4 to 28-1/8. Tickets.com has recently filed its IPO. Also, Excite announced a $47 million joint venture with Australia's Cable Wireless Optus.
Among the other leaders, Amazon.com Inc. (AMZN) soared 10-15/16 to 109-1/4, CMGI Inc. (CMGI) added 1-9/16 to 83-11/16, RealNetworks Inc. (RNWK) was up 3-31/32 to 84-3/32, and iVillage (IVIL) had vaulted 8-3/4 to 53-1/4.
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