Mixed Leader Board Mutes Net Gains
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Internet stocks were treading water in midday trading Friday despite a strong showing from B2B stocks. Blue chips struggled to stay above 10,000 following news personal and government spending rose faster than expected in the fourth quarter.
At 12:15 p.m. Eastern, internet.com's Internet Stock Index had lost 0.09, or 0.01 percent, to 983.53, the Nasdaq Composite was up 18.25 to 4,635.90 and the Dow Jones industrial average had lost 98.66 to 9,993.97.
Stocks posting a good showing included Ariba Inc. (ARBA), up 13-3/16 to 266, Broadvision Inc. (BVSN) had gained 8-13/16 to 238, Broadcom Corp. (BRCM) was up 5-5/16 to 192-3/16 and Exodus Communications (EXDS) had risen 6-11/16 to 143.
America Online Inc. (AOL) had gained 1/8 to 60-1/8 despite news it faces a class-action lawsuit over the latest version of its access software. A group of Washington state residents claim the online service knowingly released its 5.0 software without warning that the installation would change a computer's dial-up networking properties and TCP/IP settings.
Internet Capital Group Inc. (ICGE) was off 8-7/16 to 110-11/16. The Internet incubator was down on news that several large shareholders were selling a total of 1.2 million shares. ICG also reported a fourth-quarter loss of 9 cents a share compared to a 2-cent profit a year ago.
Investors were also giving a good recept