RealTime IT News

Holiday Cheer Livens Up Net Stocks

E-tailers were again the story on Monday, following strong online shopping statistics from this past weekend. Still, investors were ahead of the curve, as last week saw e-tail issues post strong gains. Investors took some of their profits on Monday, as other sectors continued barreling ahead. internet.com's Internet Stock Index closed down 15.62 to 719.44, the Nasdaq Composite lost 26.40 to 3,421.41 and the Dow Jones industrial average gave up 40.99, closing at 10947.92.

Corel Corp. (CORL) soared 6-9/16 to 20-11/16. The software company develops a variety of Linux applications and was subject to rampant rumors that Redhat (RHAT) may purchase the company. RHAT shares jumped 23-3/8 to 236-7/8.

Redback Networks (RBAK) surged 13-5/8 to 150-1/8 on news the company will merge with Siara Systems in a $4.3 billion deal. Redback will issue 31.3 million shares for all outstanding Siara shares and options.

As for the Net leaders, Amazon.com (AMZN) finished down 2-11/16 to 90-7/16, AOL (AOL) closed off 3-1/4 to 80-1/8, while shares of Xoom.com (XMCM) gained 16-7/8 to 88-3/8.

Healtheon/WebMD (HLTH) rose 2-9/16 to 47-1/16. Reports from the Financial Times indicate that News Corp. is close to investing $1 billion in the company.

CMGI Inc. (CMGI) was up 9-1/8 to 155-3/4. The company's AltaVista unit purchased online investment community Raging Bull. CMGI had already owned a 50 percent stake in Raging Bull.

Open Market Inc. (OMKT) was up 5-9/16 to 35. SoundView Technology raised its rating to "strong buy" from a "buy."

Satyam Infoway (SIFY) was up 32-1/8 to 137-5/8. The leading Indian Internet Service Provider agreed to purchase a stake in Indiaworld, which is an online content site.

Be Free Inc. (BFRE) climbed 11-21/32 to 46-13/32 . The online direct marketer got a "strong buy" rating from Dain Rauscher Wessels and a "buy" rating from Donaldson Lufkin Jenrette.

iVillage Inc. (IVIL) closed up 2-7/8 to 30-1/8 after US Bancorp Piper Jaffray initiated coverage with a "strong buy."

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