Internets Slip As Nasdaq Powers Ahead
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Internet stocks were unable to keep up with the Nasdaq Thursday following rumors that a settlement may be near in the Microsoft antitrust case.
internet.com's Internet Stock Index finished lower despite the Nasdaq's rally. The index slipped 1.13, or 0.11 percent, to 1,063.64, the Nasdaq Composite was up 75.86 to 4940.61, and the Dow Jones industrial average soared 253.16 to 11,119.86.
Microsoft Corp. (MSFT) gained 8-5/8 to 111-7/8. The Wall Street Journal Thursday reported the software giant, which was recently added to the Dow 30, is making new inroads in ongoing discussions with lawyers representing the Justice Department and 19 states. The report said the current talks center around placing new restrictions on Microsoft's business practices and not on forcing the company to break up its assets.
Another firm releasing positive earnings news was L90 Inc. (LNTY) , which jumped 3-1/8 to 22-1/8. The Internet ad firm also expects its first quarter revenues to exceed analyst estimates.
Cobalt Networks (COBT) added 3/16 to 60-15/16. The company purchased Chili! Soft Inc. for about $70 million in stock. Chili! Soft markets tools allowing Active Server Pages to run on Unix and Linux machines.
Lycos Inc. (LCOS) jumped 2-7/8 to 71-1/4. The company Wednesday took its European operations public on Germany's Neuer Markt, raising $649 million. Lycos Europe was worth more than $5 billion at the end of its first day of trading.
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