RealTime IT News

Net Stocks Gain While Microsoft Loses Ground

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.

Amazon.com (AMZN) rose 13-1/16 to 78. The company is expected to make a major announcement at the end of trading today. Speculation is that the company will enter a new line of business, such as software or home improvement tools.

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.

Brocade (BRCD) rose 8-7/8 to 299-7/8. The company, which develops data switches for storage area networks (SANs), announced a 2-for-1 stock split.

Prodigy (PRGY) announced that it is purchasing FlashNet (FLAS) for about $120 million. Prodigy was down 2-1/8 to 22-5/8 and FlashNet was down 1-9/16 to 8-7/16.

LookSmart (LOOK) climbed 3-1/4 to 28-13/16. The online directory company announced a deal to exchange technology and content with Inktomi (INKT) . Inktomi was up 5-5/16 to 120-9/16.

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