Rally Fizzles By Session's End
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After a rally early in the day, Internet shares, as well as the overall market, fell by the end of the trading day.
internet.com's Internet Stock Index was down 3.86, or 0.75 percent, to 508.77, the Nasdaq Composite fell 30.64 to 2,774.96 and the Dow Jones industrial average was off 127.91 to 11,198.13.
Shares of Cisco Systems Inc. (CSCO) were up 5/16 to 68-15/16. Thursday the company announced blockbuster deals, by purchasing Cerent Corp. and Monterey Networks for $7.4 billion in stock. The deal will allow Cisco to build-out its fiber-optic technology.
The news was good for JDS Uniphase (JDSU) , which rose 2-15/16 to 115-1/2. The company develops components for fiber-optic networks. James Parmelee of CS First Boston made positive comments on JDS Uniphase.
Web community Xoom.com Corp. (XMCM) was down 2-3/16 to 38-1/2. The company purchased Private One Inc., which develops secure email technology. The technology will be used for Xoom.com's e-commerce initiatives. The terms of the deal were not disclosed.
PSINet Inc. (PSIX) was unchanged at 51-3/8 and Transaction Network Services Inc. (TNI) was up 3/16 to 46-1/8. Allegations of insider trading have brought PSINet's $720 million purchase of TNI under review.
Net2Phone Inc. (NTOP) continued its recent run-up Thursday, climbing another 5-13/16 to 75-15/16. Shares continued to benefit from Net2Phone's deal with Sprint Corp. to offer low-cost phone calls to Asia.
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