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