Net Stocks Jump on Flurry of News
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Internet stocks were back in positive territory in midday trading Wednesday as the technology broke apart from blue chips which were being dragged down by larger than expected jumps in October food and energy prices.
Just before noon Eastern, internet.com's Internet Stock Index was up 13.73, or 2.25 percent, to 624.25, the Nasdaq Composite had jumped 46.80 to 3,171.84 and the Dow Jones industrial average was off 9.48 to 10,607.84.
Amazon Wednesday took a 4.4 million share stake in the Internet credit card issuer and announced a $150 million electronic commerce alliance with Nextcard.
eBay Inc. (EBAY) was up 1-1/4 to 136-1/8. The online auctioneer rolled out local editions in 20 metropolitan areas. The local content will allow members to easily to find others living near them with items for sell.
In IPO news, Next Level Communications Inc. (NXTV) had rocketed 34-5/8 to 54-5/8. The broadband communications equipment maker sold 8.5 million shares at $20 Tuesday. The IPO price was upped from its original range of $10 to $12.
Later today, Expedia.com (EXPE) is set to debut. The online travel booking service of Microsoft Corp. (MSFT) sold 5.2 million shares at $14 each. The issue is scheduled to start trading before 1 p.m. Eastern. Goldman Sachs and Morgan Stanley are lead underwriters.
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