Internets Jump on Earnings Enthusiasm
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Shares of Internet companies were trading higher at midday Friday as investors were applauding positive earnings from a number of leaders.
It was also a good day for all the major indices which were rising after a report which said sales of new single-family homes fell 12.8 percent in September to 811,000 units. The biggest slowdown in almost two years, the trend was felt across the country.
Just before noon Eastern, internet.com's Internet Stock Index had risen 13.34, or 2.43 percent, to 562.91, the Nasdaq Composite had jumped 84.90 to 2,960.12 and the Dow Jones industrial average had risen 97.84 to 10,720.37.
It was another heavy day on the earnings front as results continue to pour in from sector leaders.
eToys Inc. (ETYS) was down 5-5/8 to 65. The company reported a fiscal second-quarter loss of $32.08 million, or 27 cents a share. While it was better than the 28 cents analysts had forecast, it was much worse than the year-ago quarter when the company lost $3.2 million, or 4 cents a share.
In its last quarter as an independent company, Infoseek Corp. (SEEK) reported a fiscal fourth-quarter loss of $21.5 million, or 34 cents a diluted share, much better than the 42-cent loss analysts had expected. That was leading Infoseek shares up 2-3/8 to 31-1/4.
E-Loan (EELN) had gained 1-3/8 to 22-5/8 after the company reported better-than-expected third quarter results. E-Loan lost $20.2 million, or 33 cents a share, a penny better than estimates. The company said mortgage applications rose 38 percent in the quarter.
The company also signed a deal with Net2Phone (NTOP) to integrate that company's PC-to-phone products throughout its network. The two will create a new unified messaging center on Go2Net that will allow users to send and receive voice mail, e-mail, faxes and phone calls.
Infospace.com (INSP) was up 5-15/16 to 55-15/16. The company reported earnings of $3.1 million, or 6 cents a share, in the third quarter excluding one-time charges. That was much better than the 3-cent loss analysts had expected.
TheStreet.com (TSCM) was up 1-15/16 to 20-15/16. The online financial Web site reported a third-quarter loss of $7.2 million, or 29 cents a share, compared to a loss of $3.2 million, or 33 cents a share, last year. Analysts had expected a 32-cent loss.
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