Deals Send Nets Higher
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Internet issues finished higher on Tuesday, gaining strength on a number of deals. Also boosting Net shares were positive comments from several analysts and optimism about the leading online advertising agency turning a profit by the end of this year.
internet.com's Internet Stock Index was up 22.38, or 2.69 percent, to 855.55, the Nasdaq Composite gained 66.49 to 4130.76 and the Dow Jones industrial average fell 162.26 to 11560.72.
click2learn.com (CLKS) added 1-3/4 to 14-3/16. The online enterprise learning solutions company signed a deal with Vignette (VIGN) to provide Vignette training certification to Vignette partners and employees.
Ariba Inc. (ARBA) announced that DuPont will use Ariba's e-commerce network to purchase goods and services at 24 of its business units across North America and Europe. Shares of ARBA rose 6-1/8 to 179-1/2.
E-Tek Dynamics Inc. (ETEK) jumped 42-1/2 to 178-3/8 after announcing it would be acquired by JDS Uniphase Corp. (JDSU). The companies aim to increase the capacity of fiber-optic communications equipment. JDSU shares added 3-1/2 to 195-11/16.
Critical Path Inc. (CPTH) rose 10-3/16 to 76-7/8. 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) climbed 7-25/64 to 92-1/2. 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