Net Stocks Finish Up Over Fallen Markets
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The broader markets continued their losses today. However, Internet shares finished strong.
internet.com's Internet Stock Index was up 16.95, or 3.42 percent, to 513.17, the Nasdaq Composite fell 8.94 to 2,740.89 and the Dow Jones industrial average was off 36.41 to 10,282.18.
America Online Inc. (AOL) had jumped 9-5/8 to 97-1/8. Volpe Brown Whelan reiterated its "strong buy" on the firm. Also, an analyst with William Blair & Co. upgraded AOL's rating from "long-term buy" to "strong buy."
Engage Technologies (ENGA) was off 3 to 30. The company develops Web marketing technology and is a division of CMGI. Engage today announced a deal to purchase privately-held AdKnowledge for $193 million.
As for the Net leaders, VeriSign (VRSN) was off 2-7/8 to 102-1/8, Broadvision Corp. (BVSN) was up 5-1/16 to 129-7/8, Yahoo! Inc. (YHOO) was up 9-9/16 to 183-5/16, eBay Inc. (EBAY) climbed 7-13/16 to 146-1/16 and Juniper Networks (JNPR) was up 16 to 198-15/16.
On the IPO front, online sweepstakes promotion company Webstakes.com (IWIN) was off 2-1/2 to 11-1/2. The company sold 3.575 million shares at $14. Bear Stearns, ING Barings, Thomas Weisel Partners and Wit Capital managed the offering.
Free Internet provider NetZero Inc. (NZRO) had vaulted 13-1/8 to 29-1/8. The company sold 10 million shares at $16. Goldman Sachs, Donaldson Lufkin Jenrette, Hambrecht & Quist and Wit Capital were the managing underwriters.
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