Aus Net Issues Shaky After Nasdaq Slide
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Australian Internet stocks were mixed Tuesday morning following the Nasdaq's slide into negative territory Monday. The Nasdaq was only 20 points away from the key 5000-point level before Federal Open Markets Committee chairman Alan Greenspan unleashed the interest rates specter.
Software company Adacel bucked the generally shaky market Tuesday morning, climbing 27 cents or 7.9% to $3.67. Adacel announced the release of 2 Internet security products for Red Hat's Linux operating system at the Sydney Linux Open Source Expo. Potential for revenues from the enterprise coupled with the midas-like properties of Linux not lost on Australian investors.
Serious profit on ISP Access1 saw its stock plunge 3.1% to $1.42 early, the upcoming ISP has approval from the Australian Broadcasting Authority to deliver television like content to its subscribers. Access1 is also scheduled to offer 128 kbps Internet access in April.
Gondwana Resources NL. plummeted 14.3% to 90 cents after responding to an Australian Stock Exchange price query. Gondwana announced to the ASX that it at the advanced stage of negotiations with 2 US based technology companies for transaction technology and related B2B applications.
Reckon, the financial services portal and Australian license holder of Intuit Corp.'s Quicken continued its slide Tuesday morning after announcing worse than expected losses Monday. At midday Reckon dropped 1.8% to $1.68 despite international broking giant Merrill Lynch maintaining a long term "buy" rating on the stock. Merrill's says Reckon has the all the ingredients to be a potentially successful Internet based financial services company.
Micromedical Industires jumped 7 cents, or 16.7%, to 49 cents as investors piled into the stock following its announcement that it will participate in the Bluetooth Special Interest Group. Micromed management identifying several applications the wireless Bluetooth technology could have for their products.
Do no wrong Davnet Ltd., the last mile telecommunications carrier, soared 8.5% higher Tuesday morning. At $4.61 a share, Davnet's record highs have been driven by bigger and bigger deal after deal.
MelbourneIT, the domain name administrator spun out of the University of Melbourne was also hovering around record highs Tuesday, up 45 cents, or 3.8%, at $12.45.