Verio Soars Following NTT Buyout
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Shares of Verio Inc. were soaring in midday trading Monday following news the company is being bought by Japanese telecom giant NTT Corp. However, most other Net stocks were lower in part due to negative comments on Cisco Systems in an influential business magazine.
At noon Eastern, internet.com's Internet Stock Index was off 16.45, or 2.2 percent, to 732.49, the Nasdaq Composite had dropped 88.79 to 3,728.03 and the Dow Jones industrial average was up 6.85 to 10,584.71.
Leading the downward trend was Cisco Systems Inc. (CSCO), losing 3-7/8 to 63-7/8. Barron's latest cover story questions whether the networking giant's valuation is excessive and also suggests it may be unable to maintain its stellar growth track record.
Falling in tandem were several Internet leaders, including Broadcom Corp. (BRCM), off 3-5/8 to 174-3/16, Checkpoint Software (CHKP), down 9-1/16 to 177-7/8, Ariba Inc. (ARBA), losing 3-1/16 to 72-15/16, CMGI Inc. (CMGI), down 2-1/2 to 62-3/4 and Inktomi Corp. (INKT) had fallen 7-5/16 to 136.
That news was also benefitting several other application service providers including Exodus Communications (EXDS), up 2-5/8 to 88-3/8, Globix (GBIX), jumping 2-1/4 to 23-1/2, NaviSite (NAVI), rising 1-9/16 to 42-9/16 and Interliant (INIT), adding 1-5/8 to 21-3/4.
MP3.com Inc. (MPPP) had jumped 3-9/16 to 13-15/16. The online music company, whose shares were battered following a legal loss to the Recording Industry Association of America, late last week signed a licensing deal with Broadcast Music International. The deal gives MP3.com the right to transmit the 4.5 million songs in BMI's catalog.
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