Nasdaq Fails to Cross 3,000
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Internet investors, who were rooting for the Nasdaq to cross the 3,000 barrier, had little to cheer about at the end of Monday's trading as all the major indices treaded water.
internet.com's Internet Stock Index gained 4.15, or .74 percent, to 566.87, the Nasdaq Composite closed up 1.21 to 2,967.64 and the Dow Jones industrial average sunk 81.35 to 10,648.51. Volume was generally light as investors were pacing themselves for economic data due out later this week.
eBay Inc. (EBAY) and America Online Inc. (AOL) launched four co-branded sites today. The sites will get traffic from AOL.com, ICQ, Digital City and CompuServe. AOL ended up 4-11/16 to 134 and eBay closed up 1-7/8 to 137.
One of the biggest gainers was online investment bank Wit Capital Group Inc. (WITC) soared 4-13/16 to 22-3/8 after announcing plans to buy SoundView Technology Group for $320 million in stock and options.
Akamai Technologies (AKAM) jumped another 29-1/8 to 174-5/16 on its second day of trading. The company, whose software speeds the delivery of Web content, rocketed 458 percent on Friday making it the No. 4 initial public offering in history.
Excite@Home Corp. (ATHM) gained 2-3/4 to 40-1/8 and AT&T Corp. (T) was up 9/16 to 47-5/16. The two companies are set to argue their case in front of the Ninth Circuit Court of Appeals Monday. The telecommuications giant is going to argue it should not be forced to open its cable systems to competitors. AT&T is a large shareholder in Excite@Home.
As for the Net leaders, Broadvision (BVSN) closed up 7-5/16 to 80-15/16, Juniper (JNPR) fell 7-1/16 to 268-9/16, Ariba Inc. (ARBA) gained 5-5/8 to 160-5/8, DoubleClick (DCLK) ended up 3-13/16 to 143-13/16, Broadcom Corp. (BRCM) vaulted 10-3/16 to 138, Network Solutions Inc. (NSOL) gained 4-1/2 to 123, and Verisign Inc. (VRSN) ended up 8-1/16 to 131-9/16.
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