ISDEX Soars on Merger Monday
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The first installment of Merger Monday in the new year was sending Internet stocks solidly higher, mostly due to the announcement of a blockbuster merger between America Online and Time Warner.
Just before noon Eastern, internet.com's Internet Stock Index had jumped 41.51, or 5.01 percent, to 869.39, the Nasdaq Composite had leaped 106.16 to 3,988.78 and the Dow Jones industrial average had gained 73.22 to 11,595.78.
PSINet Inc. (PSIX) had jumped 5-1/8 to 66-1/8. The Internet provider Monday said it expects to report revenues of $185 million for the quarter ended Dec. 31 and $1.1 billion for fiscal year 2000. Both numbers are higher than initial analysts' forecasts.
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