RealTime IT News

Net Stocks Gain Afternoon Steam

After a slow start this morning, Internet shares surged at the end of trading.

internet.com's Internet Stock Index climbed 17.06, or 3.44 percent, to 512.63, the Nasdaq Composite gained 52.70 to 2,805.07 while the Dow Jones industrial average tumbled 41.16 to 11,324.46.

Net2Phone (NTOP) had jumped 17 to 70-1/8. Long distance company Sprint Wednesday announced it would use Net2Phone's technology to offer voice-over-IP calls to Asia.

Also, Hambrecht & Quist's Daniel Rimer Wednesday initiated coverage of Net2Phone with a "buy" rating.

Nordstrom (JWN) fell 1/2 to 31. The company signed an agreement with the venture capital firm Benchmark Capital to build Nordstrom.com.

Shares of E-Loan (EELN) jumped another 11-1/8 to 40-7/8 following a 27 percent run-up on Tuesday. On Tuesday, Bank of America sold its CarFinance.com unit to E-Loan in return for an unspecified stake.

Efficient Networks (EFNT) soared 16-5/8 to 54-5/8. The company signed a deal with XinJiang PTA to install an ADSL network in western China.

It was turning out to be a good day for sector leaders as the vast majority were in the black. Gainers included Amazon.com Inc. (AMZN) up 12-13/16 to 132-7/8, eBay Inc. (EBAY) added 10-1/8 to 129, Inktomi Corp. (INKT) climbed 9-3/4 to 120, Versign Inc. (VRSN) up 5-9/16 to 106-1/4 and Yahoo! Inc. (YHOO) added 5-5/8 to 158-9/16.

PSINet Inc. (PSIX) climbed 1-7/8 to 51-3/8 on the heels of Monday's acquisition of Transaction Network Services Inc.

Finally, online broker Web Street filed for its IPO today. Fahnestock & Co. Inc. is the lead underwriter.

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