Nasdaq Recovers As Bond Slump Hurts Blue Chips
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Internet stocks managed to post a small gain on a day that saw the Dow battered by a slump in bond prices and the Nasdaq fail to make the push into positive territory.
internet.com's Internet Stock Index closed up 7.45, or 1.37 percent, to 552.31, the Nasdaq Composite ended off .58 to 2,815.94 and the Dow Jones industrial average slumped 120.32 to 10,349.93.
Excite@Home (ATHM) gained 3/4 to 39-13/16. The company announced Monday it is buying online greeting card provider Blue Mountain Arts for $780 million in stock and cash. Also, Late Monday GTE Corp. (GTE) announced it was suing AT&T Cable Services and affiliated service providers, accuing the companies of illegally forcing cable modem subscribers to buy @Home's ISP service.
Lycos Inc. (LCOS) gained 1-1/4 to 57-1/2. The company Monday unveiled LycosShop, an interated commerce destination. Lycos will receive a transaction fee ranging from 1.5 to 5 percent for each item sold through the online storefront.
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