Net Stocks Gain Afternoon Steam
Page 1 of 1
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.
Also, Hambrecht & Quist's Daniel Rimer Wednesday initiated coverage of Net2Phone with a "buy" rating.
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.
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.
Finally, online broker Web Street filed for its IPO today. Fahnestock & Co. Inc. is the lead underwriter.
Introducing Internet StockTracker, the new weekly e-mail newsletter from internet.com Corp. Every Friday internet.com will deliver to your e-mail in-box the latest performance data on individual Internet companies and their competitors. Internet StockTracker will deliver to you all the statistics you need to assess the week's activity. Subscribe today and receive the Charter Rate of $157 -- a savings of $70 off the regular subscription price! e-newsletters