RealTime IT News

Internets Gain Afternoon Steam

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.

Crayfish Co. (CRFH) zoomed 102, or 425 percent higher, to 126. The Japanese Internet provider priced 4.35 million shares at $24.

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.

Beyond.com Corp. (BYND) matured 1-5/8 to 6-3/4. The online software retailer Wednesday said the Internal Revenue Service renewed a contract for it to deliver software electronically to the agency's computers.

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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