Internets Break Away From Nasdaq to Continue Gains
Page 1 of 2
While the Nasdaq Composite was taking a break from its record-setting pace in midday trading Tuesday, Internet stocks continued their run-up as investors were applauding a number of deals and upgrades.
Just after noon Eastern, internet.com's Internet Stock Index was up 4.33, or .57 percent, to 764.42, the Nasdaq Composite was off 13.11 to 3,532.90 and the Dow Jones industrial average had lost 100.31 to 11,124.70.
Leaders were mixed with losers including Amazon.com Inc. (AMZN) off 2-1/2 to 85-1/4, Ariba Inc. (ARBA) down 6-11/16 to 210-5/16, Excite@Home (ATHM) had shed 4-5/16 to 44-11/16 and Broadvision Inc. (BVSN) was off 4-9/16 to 101-1/8.
Reversing the downward trend were CMGI Inc. up 6-5/8 to 174-5/8, Checkpoint Software (CHKP) climbing 7-7/8 to 175-1/2, Doubleclick Inc. (DCLK) had climbed 4-1/2 to 182-3/4, Juniper Networks (JNPR) rocketed another 24-7/8 to 313-1/8, Real Networks Inc. (RNWK) had jumped 9-1/8 to 160-5/16 and Verisign Inc. (VRSN) had added 4-7/32 to 122-19/32.
Infospace.com Inc. (INSP) was up 13-1/2 to 162-1/2. U.S. Bancorp Piper Jaffray raised its fiscal 2000 sales estimates to $84.5 million from $63.5 million. However, the firm lowered earnings estimates to a 37-cent loss.
Covad Communications Group Inc. (COVD) had jumped 3-5/16 to 57-3/8. The company teamed with InterVU (ITVU) to deliver broadband video to its customers. InterVU was up 2-5/8 to 76-1/2 on the news. Also, E*Offering reiterated its "buy" on Covad.
Verity Inc. (VRTY) had jumped 5-1/2 to 54. The Internet software company was raised a "buy" by Seidler Cos. which initiated coverage Tuesday.
Introducing Internet StockTracker, the new weekly e-mail newsletter from internet.com Corp. Every Friday inter