Nets Climb in Wake of Network Solutions Buy
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Internet and technology shares were leaving blue chips behind in midday trading Tuesday, boosted by news of VeriSign's takeover of Network Solutions.
The session wasn't being kind to blue chips, which were being battered by a profit warning from Dow component Proctor & Gamble Co. The nation's biggest maker of household products Tuesday warned second-half earnings will be dragged down by increasing competition in Latin America.
At 11:45 a.m. Eastern, internet.com's Internet Stock Index had gained 13.11, or 1.23 percent, to 1,081.07, the Nasdaq Composite was up 70.98 to 4,975.83 and the Dow Jones industrial average was off 191.42 to 9,9979.08.
Network Solutions Inc. (NSOL) had jumped 59-9/16 to 420-3/16 and VeriSign Inc. (VRSN) had fallen 37-7/16 to 210. VeriSign Tuesday bought the domain registrar for $21 billion in stock. VerSign will issue 2.15 shares for each Network Solutions share.
Breakaway Solutions Inc. (BWAY) had jumped 19 to 166. The Internet consultant Tuesday announced a 2-for-1 stock split.
Terayon Communications Systems Inc. (TERN) had climbed 29-13/16 to 259-3/4. The company, which makes equipment that allows the Internet to be accessed over cable lines, said Tuesday it expects to beat analyst estimates for the first quarter. Analysts are forecasting a profit of a penny a share.
Askjeeves Inc. (ASKJ) was up 5 to 97. The search engine sealed a deal with Price Waterhouse Coopers to make its question-and-answering service part of the consulting giant's human resources outsourcing operation.
Among the issues contributing to the ISDEX's climb were Ariba Inc. (ARBA), up 12 to 329, Checkpoint Software (CHKP), up 14-1/2 to 251, Doubleclick Network Inc. (DCLK), rising 3-1/4 to 94-1/4, Go2Net Inc. (GNET), rising 2-7/8 to 88-3/8, Inktomi Corp. (INKT), adding 14-1/2 to 189 and Infospace.com Inc. (INSP) had gained 12-7/8 to 266-3/8.
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