Internet Stocks Maintain Strength Despite Fizzled Rally
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After surging in the morning on positive economic news, the broader indices gave back much of their gains by the end of trading although Internets retained much of their strength.
internet.com's Internet Stock Index closed up 11.95, or 2.32 percent, to 527.93, the Nasdaq Composite fell 9.48 to 2,679.67, the Dow Jones industrial average rose 92.45 to 10,208.73.
Up ahead of earnings were Ariba Inc. and BroadVision Corp. (BVSN) . BroadVision had climbed 5-5/8 to 158 and Ariba had rocketed 13-11/16 to 180. Both are reporting later Tuesday with Ariba expected to see a 17-cent loss for its fiscal fourth quarter and BroadVision is expected to earn 13 cents a share in the third quarter.
As for the Net leaders, America Online Inc. (AOL) up 3-7/8 to 114, Amazon.com Corp. (AMZN) had risen 2-9/16 to 76-5/8, CNET Inc. (CNET) was up 1-1/8 to 48-7/8, Juniper (JNPR) was up 7-3/16 to 235-15/16, eBay Inc. (EBAY) was up 4-1/8 to 133-5/8, CMGI Inc. (CMGI) up 2-11/16 to 97, Verisign (VRSN) had jumped 2-9/16 to 104-7/8, Real Networks Inc. (RNWK) up 7-13/16 to 103-3/8 and Yahoo! Inc. (YHOO) up 4-1/2 to 174-7/8.
On the IPO front, Martha Stewart (MSO) surged 17-9/16 to 35-9/16. Her company has ventured into a myriad of media channels, such as cable, magazines, books, radio and syndicated newspapers columns. Recently, Kleiner Perkins invested in the company to boost the e-commerce operations. The lead underwriter was Morgan Stanley. The company was priced at $18 and sold 7.2 million shares.
Satyam (SIFY) soared 17-1/2 to 35-1/2. The company is the second largest ISP in India. In its IPO, the company sold 4.175 shares at $18 a piece. The lead underwriter was Merrill Lynch.
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