Online Brokers Move Ahead Following Pact
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Shares of the largest online brokers were moving up in midday trading Monday after announcing plans to launch a new investment bank.
That news came as internet.com's Internet Stock Index was up 14.10, or 2.23 percent, to 645.98, the Nasdaq Composite had climbed 10.10 to 3,231.25 and the Dow Jones industrial average had gained 13.15 to 10,782.47.
The online brokers are teaming with venture capitalists Kleiner Perkins Caufield & Byers, Trident Capital and Benchmark Capital to launch an investment bank which has yet to be named. Expected to launch early next year, it will underwrite, manage and distribute equity offerings of Internet and technology firms.
Red Hat Inc. (RHAT) had jumped 6-13/16 to 108-5/8 after announcing plans to purchase privately-held Cygnus Software for $674 million in stock. Cygnus products include a royalty-free operating system targeting IP devices.
GoTo.com (GOTO) was up 14-17/32 to 105-3/4. Late Friday, the company announced it had won a preliminary injunction stopping Walt Disney Co. (DIS) and Infoseek Corp. (SEEK) from using the Go.com name on advertising for their joint venture. The judge found there was enough similarity between the names to cause confusion among consumers.
E-commerce software provider Ariba Inc. (ARBA) had rocketed 18-3/8 to 215 and InterWorld (INTW) had climbed 6-11/16 to 66-7/16. The two companies announced a marketing aimed at helping suppliers and buyers together using the Internet.
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