Net Stocks Gain While Microsoft Loses Ground
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By the end of the day, Microsoft Corp. stock recovered some of the losses it received during its first day as a monopoly. As for Net stocks, they surged.
internet.com's Internet Stock Index rocketed 32.37, or 5.47 percent to 624.4, the Nasdaq Composite was rose 40.15 to 3142.44, and the Dow Jones Industrial Average was up 14.37 to 10718.85.
Dow Jones' newest member Microsoft (MSFT) was down 1-5/8 to 89-15/16.
Competitors like Red Hat, Inc. (RHAT) and America Online, Inc. (AOL) saw their stocks rise on the Microsoft news. Linux provider Red Hat was up 18-1/16 to 104 and America Online, which competes with Microsoft lately in the portal and instant messaging space, rose 4-1/4 to 149-3/4.
E.Piphany (EPNY) surged 39-9/16 to 120. Marshall Send, an analyst with Robertson Stephens, placed a "buy" recommendation on the stock. The company develops technology to provide for enhanced customer support.
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