Internets Gain Afternoon Steam
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Internet stocks rose higher in afternoon trading, reversing the day's morning sell-off.
internet.com's Internet Stock Index rose 15.75, or 1.49 percent, to 1,069.76, the Nasdaq Composite jumped 49.33 to 4897.17 and the Dow Jones industrial average gained 60.50 to 9856.53.
The other high-profile IPO was iPrint (IPRT). Shares gained 5-3/4, or 58 percent, to 15-3/4 after the company offered 4.5 million shares at $10 per share through lead underwriter Credit Suisse First Boston. iPrint provides online, customized print services for businesses and consumers.
Entrust Technologies (ENTU) gained another 16-1/16 to 138-7/16 after Tuesday's 24 percent jump. The company will team with Ariba Inc. (ARBA) to provide security services for Ariba's electronic commerce products. Shares of Ariba climbed 6-1/2 to 331.
I2 Technologies Inc. (ITWO) jumped 22-3/16 to 190-5/8. The company, whose software links suppliers and manufacturers, formed a deal with Ariba and IBM Corp. (IBM) to offer electronic commerce services to businesses. IBM will also take minority stakes in both companies.
Internet Capital Group Inc. (ICGE) slipped 3-3/64 to 138-1/8. The company Wednesday invested $655 million in cash and stock in RightWorks, a maker of procurement software.
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