Blue Chips Leave Internets Behind
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Internet stocks were unable to keep up with blue chips Thursday which gained steam in the afternoon thanks to a stronger-than-expected second-quarter gross domestic product report.
internet.com's Internet Stock Index closed off 2.24, or .42 percent, to 527.17, the Nasdaq Composite closed up 15.97 to 2,746.24 and the Dow Jones industrial average jumped 123.47 to 10,336.95.
Online toy retailer EToys (ETYS) gained 11/16 to 66-9/16 after hitting 69-3/8 earlier in the session. The company Wednesday announced a new content deal and Goldman Sachs upped its price target and rating for the stock.
Shares of several national ISPs fell after Softbank Capital Partners' Bill Burnham said most of the players were overvalued. MindSpring Enterprises Inc. (MSPG) lost 3/16 to 27-11/16, EarthLink Network Inc. (ELNK) tumbled 7/8 to 42-15/16 and America Online Inc. (AOL) tumbled 5-1/8 to 104-1/8.
Qwest Communications International Inc. (QWST) closed up 1-3/16 to 29-9/16 and CAIS Internet Inc. (CAIS) added 1-1/16 to 12-1/16. Qwest was awarded a $54 million contract for high-speed Internet services by CAIS, which specializes in wiring apartments and hotels for the service.
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