Investors Go Bargain Hunting
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Internet stocks were rebounding solidly in midday trading Thursday as money was flowing back into many stocks that have become bargains in the wake of the recent wave of selling.
At 12:30 p.m. Eastern, internet.com's Internet Stock Index had jumped 24.74, or 3.33 percent, to 767.27, the Nasdaq Composite was up 115.95 to 3,885.58 and the Dow Jones industrial average had lost 63.99 to 11,061.14.
Stocks responsible for the rebound included eBay Inc. (EBAY) was up 9 to 152-3/8, Exodus Communications (EXDS) had gained 7-3/4 to 104-3/4, Inktomi Corp. (INKT) was up 5-13/32 to 128-13/32, i2 Technologies (ITWO) had added 12-5/8 to 98-5/8, Priceline.com Inc. (PCLN) was up 3-5/8 to 63-3/4 and Vignette Inc. (VIGN) was up 16-21/32 to 135-17/32.
Ariba Inc. (ARBA), up 5-3/8 to 77-3/8. The electronic commerce software maker reported second-quarter revenues soared 322 percent. The company lost 6 cents a share in the period, 2 cents better than estimates.
FileNet Corp. (FILE) had jumped 4-7/16 to 27-5/8. The company, which sells Internet-based document management systems, reported first-quarter earnings of 18 cents, 3 cents better than analysts had forecast.
Redback Networks Inc. (RBAK) was off 7-1/2 to 88-1/2. The telecommunications networking company reported first-quarter earnings of 5 cents a share, beating forecasts by 2 cents.
Ameritrade Holding Corp. (AMTD) was off 1/4 to 18-1/4. The online broker reported fiscal second-quarter profits of 2 cents a share, much better than estimates of a 4-cent loss. The company also added 319,000 accounts in the quarter, 47 percent more than the previous quarter.