RealTime IT News

Investors Get in Buying Mood, Driving Up Net Stocks

Internet stocks were trading higher at midday Thursday as investors were applauding deals and rewarding several companies for better-than-expected earnings.

At 11:30 a.m. Eastern, internet.com's Internet Stock Index had climbed 14.31, or 1.55 percent, to 936.64, the Nasdaq Composite was up 47.40 to 4,410.64 and the Dow Jones industrial average had risen 30.17 to 10,729.33.

Leading the upward charge was Network Solutions Inc. (NSOL). Shares were up 36-3/8 to 292-3/8 after the domain registrar reported a fourth-quarter profit of 25 cents a share. That beat forecasts by 2 cents.

Online auctioneer Ubid Inc. (UBID) had gained 3-1/16 to 29-3/4 on news that it was being acquired by CMGI Inc. (CMGI) for $407 million in stock. CMGI shares were down 4-15/16 to 115-9/16.

Tumbleweed Communications Corp. (TMWD) had jumped 13 to 81. The provider of e-mail solutions for electronic commerce companies got a boost from U.S. Bancorp Piper Jaffray's Hany Nada who initiated coverage Thursday with a "strong buy."

Cybershop.com Inc. (CYSP) had jumped 1-7/16 to 6-5/8. The online department store Thursday announced plans to shutter its retail operations to raise money for a new Internet incubator to be launched soon.

AppNet Inc. (APNT) had jumped 7 to 58-3/8. The Internet consulting firm Thursday reported several large contract wins and said demand is growing for its Web consulting services.

On the downside, FreeShop.com Inc. (FSHP) had fallen 3-3/16 to 38-1/4. The Internet marketer filed this week to sell an additional 3 million shares and reported a wider fourth-quarter loss.

Go.com Inc. (GO), Walt Disney's Internet unit, was off 3/4 to 27-1/4. The unit reported wider fiscal first-quarter losses due to increased spending on its online catalog business and amortization costs.

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