Net stocks move higher
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Internet stocks were winning in Monday's mid-day trading. Investors were shopping for deals after the NASDAQ composite posted the worst five day performance in its history last week.
By 12:15 Eastern, internet.com's Internet Stock Index was up 5.52, or 0.88 percent, to 631.80, the Nasdaq Composite had gained 55.42 to 3,376.71, and the Dow Jones industrial average was 38.16 higher at 10,343.93.
CMGI announced its venture capital arm, @Ventures will contribute to a $30 million series C financing round for The EC Company. American Express and webMethods (WEBM) also contributed financing. The EC Company provides a business-to-business (B2B) e-commerce solution for mid-size suppliers.
In other CMGI related news, Reuters reported late Friday that AltaVista (CMGI owned) has decided to postpone its IPO scheduled for early this week due to volatile market conditions.
Ask Jeeves (ASKJ) announced that Network Appliance (NTAP) will deploy Jeeves Live. The service allows Network Appliance to properly manage customer inqueries and interact with partners in real-time over the Web. Shares of ASKJ were down 2-11/16 to 25.
Ebookers.com (EBKR) was off 3/8 to 17. The U.K. online travel agency reported sales of $24.9 million and a loss of $0.59 per share for its first fiscal quarter. Analysts were expecting the company to post a loss of $0.82 per share.