Earnings Season in Full Swing
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Internet investors Tuesday were mostly staying on the sidelines, waiting for a number of earnings reports from sector leaders due after the closing bell.
At 11:30 a.m. Eastern, internet.com's Internet Stock Index was off 10.36, or 1.18 percent, to 867.42, the Nasdaq Composite had climbed 8.17 to 4,057.84 and the Dow Jones industrial average was up 59.56 to 11,631.76.
One of the sector's biggest gainers was Kana Communications Inc. (KANA), up 35-1/16 to 232-1/16. The e-mail management software maker announced plans for a 2-for-1 stock split.
A number of analysts were out Tuesday with comments on the deal. Merrill Lynch's Henry Blodget sees AOL falling to $55 a share, although he's generally enthusiastic about the merger. A number of analysts were saying it will cause AOL to be valued more like a traditional media company than a high-flying Internet stock. Schroder & Co. also predicted the deal will slow AOL's growth rate.
USinternetworking Inc. (USIX) was up 5-1/16 to 50-3/4 after it was rated a "buy" by J.P. Morgan Securities who initiated coverage Tuesday.
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