Rumors and Retail Dominate Market
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While the general market was mixed, Internet shares ended strong, driven by a major announcement from Amazon.com, as well as rumors about the possible sale of Excite@Home.
The ISDEX climbed 10.29, or 1.98 percent, to 529.41, the Nasdaq Composite was down 27.35 to 2,728.90 and the Dow Jones industrial average was down 62.05 to 10,213.48.
Amazon.com (AMZN) had jumped 15 to 80-7/8. The company Wednesday unveiled what will essentially be a virtual online mall, allowing individuals and small businesses to sell a variety of items to Amazon.com customers. The online retailer will also handle all the billing services.
Internet telephony software maker VocalTec Communications Ltd. (VOCL) was up 1-1/4 to 14-1/4. The company announced it was teaming with Cisco Systems Inc. (CSCO) to develop and market Internet telephone systems to service providers.
On the IPO front, infrastructure company InterNAP Network Services Corp. (INAP) debuted today. It surged 32-31/32 to 52-31/32. The company provides high-end Internet access to such customers as Amazon.com and Nasdaq. The lead underwriter was Morgan Stanley.
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