RealTime IT News

Net Stocks Roar Ahead

Internet stocks were soaring in midday trading Thursday, boosted by a number of alliances and a positive earnings announcement.

At noon Eastern, internet.com's Internet Stock Index had jumped 35.80, or 5.65 percent, to 669.30, the Nasdaq Composite was up 140.80 to 3,541.71 and the Dow Jones industrial average was up 132.62 to 10,654.95.

Net2Phone Inc. had jumped 3-1/4 to 32-3/4. The Internet telephony firm late Wednesday reported a fiscal third-quarter loss of 21 cents, a penny ahead of estimates.

Akamai Technologies vaulted 8-1/4 to 75. The company, whose products optimize content for Internet delivery, reached a strategic alliance with Excite@Home . The two will collaborate to improve the speed of content and applications sent over @Home's cable network.

Yahoo! Inc. was up 7-7/16 to 120-1/2. The company is reportedly near a deal to acquire MyPlay.com, which sends music over the Internet, for about $200 million.

PurchasePro.com Inc. was up 1-55/64 to 23-1/8. The B2B firm signed a deal with Hilton Hotels Corp. to create an Internet exchange over which Hilton will buy supplies for its hotels.

Juno Online Services had gained 11/32 to 8-13/32. The provider of Internet access and free e-mail Thursday sued NetZero and Qualcomm Inc. for allegedly distributing software that infringes on a patent it was granted for technology that distributes advertising.