ISDEX Crosses 1,000 As Techs Reign
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Technology stocks continued to rule the markets Wednesday, outpacing blue chips which were being dragged down by news that U.S. manufacturing grew at its fastest clip in four months.
At 11:45 a.m. Eastern, internet.com's Internet Stock Index had gained 8.66, or .87 percent, to 1,000.58, the Nasdaq Composite was up 53.33 to 4,750.02 and the Dow Jones industrial average had lost 24.82 to 10,103.49.
Strong gainers included eBay Inc. (EBAY), up 5-1/16 to 148-7/16. The online auctioneer sealed a deal with Wells Fargo Co. (WFC) to operate a system that will allow eBay's buyers and sellers to accept credit card payments. As part of the deal, Wells Fargo will take a 35 percent stake in Billpoint, eBay's electronic billing arm.
Internet Capital Group Inc. (ICGE) had risen 2-7/8 to 108-5/8. A holding of the Internet incubator Wednesday purchased investment firm Asset Strategy Consulting.
Expedia Inc. (EXPE) was up 1/4 to 20-1/4 despite announcing its third-quarter earnings would be negatively impacted by a one-time charge. The company is taking a charge of $4 million to $6 million in its fiscal third quarter to cover fraudulent transactions.
One of the day's biggest losers was Internet ad firm Doubleclick Inc. (DCLK), falling 9-3/8 to 79-7/16. AltaVista and Kozmo.com Wednesday publicly began to distance themselves from the company, which has become embroiled in a privacy flap. AltaVista, a CMGI Inc. company, has limited the release of customer information to DoubleClick and other Web companies with which AltaVista has content partnerships, while Internet home-delivery service Kozmo is speeding up steps to end its partnership with DoubleClick, The Wall Street Journal said.
American depositary receipts of Britain's Cable & Wireless PLC (CWP) were up 2-7/16 to 67-1/16 on news it settled a dispute with MCI WorldCom (WCOM) over the purchase of that company's consumer Internet access business. WorldCom will pay C&W $200 million. MCI WorldCom shares had gained 1-1/4 to 45-7/8.
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