Internets Get Good Start to Holiday Week
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Internet companies were trading higher in midday activity on Monday as a number of deals and announcements were livening up what's expected to be a relatively quiet week.
Just after noon Eastern, internet.com's Internet Stock Index was up 9.24, or 1.35 percent, to 692.15, the Nasdaq Composite had gained 7.14 to 3,376.39 and the Dow Jones industrial average was up 40.68 to 11,044.57.
CMGI Inc. (CMGI) had jumped 10-3/16 to 135-1/16. The Internet holding company Monday announced a new venture fund of up to $1 billion that will invest in business-to-business e-commerce companies. The new offering will be marketed as the CMGI Ventures B2B Fund.
Online advertising companies were benefitting from an announcement that several had joined to participate in a new alliance designed to standardize industry practices. Participants will include Doubleclick Inc. (DCLK), which had jumped 8-7/16 to 158-1/8, Flycast Communications Corp. up 4-15/16 to 62-3/16, Adforce Inc. (ADFC) which had gained 2-11/16 to 34-5/16 and 24/7 Media Inc. (TFSM) which was up 2 to 52-7/8.
Prodigy Communications Corp. (PRGY) had also posted a gain of 1 to 33-1/8 and SBC Communications Inc. (SBC) was up 3/16 to 51-11/16. The two companies Monday agreed to merge their consumer and small business Internet operations.
A stock split announcement was continuing to benefit shares of Exodus (EXDS), sending shares up another 10-1/2 to 112. The company announced plans to split its stock for the third time this year late Friday.
Xoom.com Inc. (XMCM) added another 5-1/2 to 71-1/2. Shares have been on a run-up since Friday in advance of a Nov. 24 shareholder vote on the three-way merger between Xoom, NBC and CNET Inc.'s (CNET) Snap!.
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