RealTime IT News

Nets Open Lower, Finish Higher

Markets fought a see-saw battle through most of the trading day before rocketing higher by late-afternoon. On the news of UAL's takeover bid of US Airways , airlines buoyed the NYSE 113.08 to 10,535.35.

Technology stocks and Internets finally caught some mild relief after constant selling pressure earlier this week. The Nasdaq bounced up 106.06 to 3,270.61, on the heaviest volume seen in over a month, while the ISDEX leapt 3.21%.

Web surfers have a need for speed and Intel boosted gains on the Nasdaq, climbing 7-1/2 to 117-3/8, after the chipmaker unveiled its latest 933 MHz Pentium III processor. With chip performance doubling every 18 months, consumers can expect the first gigahertz processor to hit stores by year's end.

Intel also announced an alliance with RealNetworks , and shares of the multimedia player jumped 2-3/4 to 34-15/16. RealNetworks has inked a deal to develop Web video technology for Intel's next generation streaming media software

Shares of America Online dipped below key support levels in early morning trade, before bouncing back to close up 1-7/8 to 51-3/8. Merrill Lynch analyst Henry Blodget scrambled to ease investors' indigestion over the Internet service provider's pending merger with offline Time Warner .

VA Linux added 3 to 41-1/2 after the open source concern reported a better-than-anticipated Q3 loss of $0.13 per share, compared with a $0.17 loss a year-ago-same-period. The latest results were a dime better than Wall Street consensus expectations.

Web brokerage stocks were swooning on analyst downgrades spurred by softening volume numbers released earlier this week. Discount broker giant Charles Schwab shed 2-15/16 to 38-1/16. E*Trade sank 1-13/16 to 13-15/16 to a new 52-week low, while Ameritrade joined its rival at its 52-week low, down 9/16 to 11-3/16.

Shares of Ebookers.com soared 2 to 11-1/2 following news of an alliance with France Telecom . Under the terms of the deal, the cyber-Brit travel agency will gain access to French Telecom's broad ISP user base.

Bellwethers dragged the Net patch higher today. Investors were furiously bidding up shares of eBay 13-15/16 to 129-15/16. A 2-for-1 stock split will take effect after the bell today for the online auctioneer. Yahoo! also headed higher, up 4-7/16 to 122-3/4, after the online media company fell victim to profit-taking yesterday, while online e-tailer Amazon.com edged 1-7/8 to 48-9/16.