Internet Stocks Stall
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Technology and Internet stocks were slowing from the torrid pace set earlier this week in midday trading Friday. However, the Nasdaq remained above the 5,000 benchmark.
At 11:50 a.m. Eastern, internet.com's Internet Stock Index was up 1.12, or .11 percent, to 1,113.10, the Nasdaq Composite had gained 5.85 to 5,052.71 and the Dow Jones industrial average was off 38.16 to 9,972.57.
Leading those in the positive column were shares of Internet America (GEEK) which had jumped 2-5/8 to 12-7/8. The Texas-based Internet provider announced Friday 6,000 subscribers had signed up for its digital subscriber line service.
GoTo.com (GOTO) was up 10 to 57-7/8. The portal Thursday purchased AuctionRover.com for $175 million in stock.
Digital Lightwave Inc. (DIGL) had climbed 4-15/16 to 131-15/16. The company, whose products monitor the performance of fiber optic networks, was reiterated "attractive" by PaineWebber which expects the stock to hit $160 in the next year.
PurchasePro.com Inc. (PPRO) was off 3-3/4 to 127 to after hitting 140 earlier in the session. The electronic commerce service provider signed a deal with Office Depot Inc. to install kiosks feature its productions in 450 Office Depot stores.
CMGI Inc. (CMGI) had fallen 6-1/2 to 138-7/8 despite reporting better-than-expected earnings after Thursday's closing bell. The Internet incubator lost 74 cents a share in the second quarter, much lower than forecasts calling for a $1.28 loss. Also, US Bancorp Piper Jaffray reiterated its "strong buy" on the company.
Two Internet IPOs were on Friday's slate. HomeGrocer.com Inc. (HOMG) will begin trading later in the day. The company sold 22 million shares at $12. Morgan Stanley Dean Witter was the lead underwriter.
IntraNet Solutions (INRS) had gained 2-5/8 to 50-1/4. The company sold 4.3 million at $46 a share. Dain Rauscher Wessels, US Bancorp Piper Jaffray, Wit Soundview and Craig-Hellum Capital were the lead underwriters.
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