Net Stocks Again See Afternoon Acceleration
Page 1 of 1
For the second straight session, Internet stocks shifted into high-gear Tuesday afternoon to post healthy gains in advance of the two-day Federal Reserve meeting which began today.
internet.com's Internet Stock Index jumped 22.33, or 2.74 percent, to 835.94, the Nasdaq Composite climbed 111.62 higher to 4051.97 and the Dow Jones industrial average gained 100.52 to 11041.05.
VerticalNet (VERT) continues to reward investors, finishing up 13-7/8 to 252-1/8. The B2B e-commerce portal Tuesday announced an expansion into Europe. British Telecom and Internet Capital Group (ICGE) are among those backing the $227 million venture. Reporter@Large-Luke Fronefield featured ICGE in a reasearch note published today.
Also, the company announced it will split its stock 2-for-1 effective March 31.
In addition, Banc of America Securities upgraded the shopping portal from a "market perform" rating to a "buy."
StarMedia Network Inc. (STRM) matured 2-5/8 to 34-3/4. The Latin American portal Tuesday paid $15 million for AdNet, SA de C.V., an Internet directory and search engine. StarMedia will pay another $115 million over five years if financial targets are met.
Subscribe to Internet StockTracker, the new weekly e-mail newsletter from internet.com Corp. Every Friday internet.com will deliver to your e-mail in-box the latest performance data on individual Internet companies and their competitors. Internet StockTracker will deliver to you all the statistics you need to assess the week's activity. Subscribe today at e-newsletters
For advertising information, contact Frank Fazio.