Markets Erase Most of Day's Red Ink
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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.
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.
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.
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.
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.
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