Net Stocks Move Ahead As Financials Pressure Dow
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Internet stocks were moving higher Tuesday amid a sell-off in blue chips, largely due to declines in rate-sensitive financial issues.
At noon Eastern, internet.com's Internet Stock Index was up 7.21, or .87 percent, to 840.38, the Nasdaq Composite was up 25.24 to 4,089.51 and the Dow Jones industrial average had shed 108.90 to 11,614.08.
Movers included E-Tek Dynamics Inc. (ETEK), which had jumped 48-1/8 to 184 after announcing it would be acquired by JDS Uniphase Corp. (JDSU). The companies aim to increase the capacity of fiber-optic communications equipment.
Critical Path Inc. (CPTH) was up 3-3/16 to 69-7/8. The company Tuesday signed a deal with Japan's Mitsui & Co. Ltd and NTT Communications Corp. to take its messaging platform to the Asian nation.
PSINet Inc. (PSIX) had climbed 5-29/32 to 91. The company announced a 2-for-1 stock split and was awarded a license for a fixed-line telecommunications network from the Hong Kong government. Also, Robertson Stephens reiterated its "buy" rating.
Security software maker Entrust Technologies Inc. (ENTU) was off 6 to 56-7/8. The company signed a multimillion deal with Royal Bank of Canada who plans to use the software to secure Web transactions.
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