RealTime IT News

Net Stocks Gain Late-Day Momentum

Internet issues surged past mid-day levels after positive comments from industry analysts and a few earnings surprises.

internet.com's Internet Stock Index rocketed 32.33 higher, or 3.37 percent, to 991.92, the Nasdaq Composite gained 118.84 to 4696.69 and the Dow Jones industrial average added 89.66 to 10128.31.

Broadvision Inc. (BVSN) jumped 19-1/2 to 252-9/16, CMGI Inc. (CMGI) rose 13-3/16 to 129-9/16, Doubleclick Inc. (DCLK) added 1/4 to 88-13/16 and Juniper Networks (JNPR) surged 45-1/4 higher to 274-5/16.

Network Solutions Inc. (NSOL) gained 13-15/16 to 322-7/16 and Infospace.com Inc. (INSP) slipped 1-1/8 to 217.

On the losing side, 24/7 Media (TFSM) was off 3 to 46-1/2. The ad firm Tuesday bought e-mail marketer Exactis.com in a $490 million stock deal.

Broadcom Corp. (BRCM) flew 15-7/8 higher to 197-3/8. The high-speed chip maker Tuesday bought software firm Digital Furnace Corp. for $16 million in stock.

Lycos Inc. (LCOS) was up 1-3/8 to 59-5/8. The company Tuesday teamed with 1stUp.com and ZipLink to launch a free Internet access service.

National Discount Brokers Group Inc. (NDB) rose 14-1/8 to 45-1/8. The online brokerage Tuesday said it expects to substantially surpass Wall Street estimates for its fiscal third quarter. It expects operating earnings to range from 95 to $1.05 a share.

The news was also benefiting its competitors, including E*Trade Group Inc. (EGRP), up 1-3/4 to 24-5/8.

On the IPO front, Internet software company Niku Corp. (NIKU) more than doubled from its IPO price of 24 to close at 69. Goldman Sachs is its lead underwriter.

Avenue A Inc. (AVEA), an online advertising firm, also priced 5.25 million shares at 24 before closing at 72. The lead underwriter is Morgan Stanley.

Internet marketing company Net.Genesis Corp. (NTGX) saw its stock triple, from its 4.25-million-share offering at $18 to 56 13/16. Its lead underwriters are Chase H&Q and Deutsche Banc Alex. Brown.


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