CMGI Helps Net Stocks Get Back to Winning Ways
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A much lower than expected loss and announcement of a 2-for-1 stock split from CMGI Inc. was breathing new life into Internet stocks at midday Thursday while a record high for the U.S. trade deficit in October was taking a toll on blue chips.
At noon Eastern, internet.com's Internet Stock Index was up 16.81, or 2.11 percent, to 811.99, the Nasdaq Composite had vaulted 53.63 to 3,675.58 and the Dow Jones industrial average had slipped 76.16 to 11,149.16.
Infonet Services Corp. (IN) had zoomed 5-1/4 to 26-1/4. The data services provider debuted Thursday after selling 51.3 million shares at $21.
interNAP Network Services Corp. (INAP) had jumped 7-1/2 to 149-1/2. The company, which manufactures equipment to better channel Internet traffic, announced a 2-for-1 stock split.
USWeb/CKS Corp. (USWB) had gained 3-1/8 to 38-9/16 and 3Com Corp. (COMS) was up 15/16 to 49. The Internet services firm is teaming with 3Com to develop wireless applications. 3Com will invest up to $100 million in USWeb/CKS.
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