RealTime IT News

Markets Erase Most of Day's Red Ink

The major indices all ended lower on Tuesday although stocks staged a comeback late in the day which helped the ISDEX end in positive territory.

internet.com's Internet Stock Index was up 6.09, or 1.19 percent, to 519.12, the Nasdaq Composite had fallen 6.00 to 2,755.75 and the Dow Jones industrial average had lost 28.81 to 10,274.58.

Foundry Networks (FDRY) defied gravity today. The IPO exploded 131-1/2 to 156-1/2. The company is in the red-hot infrastructure space, which has seen several mega IPOs this year.

CMGI (CMGI) was up 5 to 98-1/8. The company announced its fourth quarter results yesterday, as it earned $4.74 a share. The analysts' consensus was $4.08. Also, CMGI announced it will take its AltaVista search engine public and purchased free-ISP 1stUp.com.

Domain registrar Network Solutions Inc. (NSOL) had jumped 12-11/16 to 85-1/2 on news the company, the Department of Commerce and the Internet Corp. for Assigned Names and Numbers had resolved the issues in their ongoing domain dispute.

Purchasepro.com (PPRO) was up 1-1/8 to 38-1/4. The company is a business-to-business provider in the hotel industry. The company signed a deal to use Ariba's (ARBA) software for its community. As for Ariba, it was down 7-5/8 to 167-3/4.

America Online Inc. (AOL) was up 8-7/16 to 109-9/16. AOL and China Internet Corp., an affiliate of China.com Corp. (CHIN A) Tuesday launched a Hong Kong edition of AOL.

Also, AOL and Marketwatch.com (MKTW) Tuesday unveiled a deal that will make CBS Marketwatch a provider of financial news on several AOL brands. Marketwatch was up 2-7/16 to 47-13/16 on the news.

As for the other Net leaders, Yahoo! Inc. (YHOO) was up 3-5/16 to 184-9/16 and Junipter Networks (JNPR) off 9-5/8 to 197-1/4.

Net2Phone (NTOP) had fallen 4-1/8 to 55-3/4 despite reporting better-than-expected earnings. Net2Phone reported a fiscal fourth-quarter loss of 10 cents a share, excluding one-time items. Analysts had predicted a 13-cent loss.

Online grocer Peapod (PPOD) had jumped 1-1/2 to 9-1/2 after the company announced Bill Malloy had joined as its new chief executive officer. Malloy comes to Peapod from AT&T's wireless division.

As for other IPOs, shares of AirGate PCS Inc. (PCSA) soared 9-7/8 to 26-7/8. The lead underwriter was Donaldson Lufkin Jenrette. AirGate provides digital products for the Sprint PCS Group.

ITXC Corp. (ITXC) surged 16-5/16 to 28-5/16. The company develops Internet telephony and fax. The lead underwriter is Lehman Bros.

Online direct marketer FreeShop.com Inc. (FSHP) climbed 1-9/16 to 13-9/16 following its debut. The lead underwriter was Dain Rauscher Wessels.

Medscape Inc. (MSCP) increased 5-13/16 to 13-13/16. The company is an online medical site, backed by CBS. The lead underwriter is Donaldson Lufkin & Jenrette.


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