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ISDEX Shakes September Slump

It took a big day on Wednesday, but internet.com's Internet Stock Index, or ISDEX, reversed its September slide this week with a 3.2% gain.

Leading the charge on Wednesday was online auction leader eBay , which gained 16.6% after the company issued a bullish revenue projection, setting a goal of 50% year-to-year revenue growth through 2005.

Through Wednesday's trading, the ISDEX is down 3.9% for the month and 6.4% for the year. Given that 91% of all 'Net stocks have dropped in value in 2000 - with four out of five losing at least 30% - the ISDEX is hanging pretty tough in the midst of this prolonged bear mauling.

Eleven of the 50 ISDEX stocks (or 22%) have posted gains this year. This might not sound like much to brag about, but you only have to look at the performance of non-ISDEX Internet stocks to put it in proper perspective: 19 of the 243 'Net tickers not on the ISDEX are up this year through Wednesday's trading. That's a mere 7.8%.

Further, the ISDEX includes this year's two top gainers, Juniper Networks (up 288%) and Check Point Software Technologies (up 222%).

eBay's surge on Wednesday propelled it to the top of the ISDEX for the week with a 22.5% advance. Other top ISDEX gainers this week:

Inktomi , up 18.5%: The search engine and caching server software leader got a pair of boosts this week. First, Inktomi announced plans to purchase online broadcasting company FastForward Networks for $1.3 billion, sending shares up 12% last Thursday. Shares rose another 5% on Wednesday after Inktomi announced an initiative to deliver a set of integrated search tools designed to allow Internet, corporate and wireless customers to search across the Web, intranets and extranets.

Phone.com , up 15%: Since plummeting to $56 per share on April 14 - a 60% drop from its April 7 close of $140.25 - the wireless Internet software provider has clawed and scratched its way back over $100, closing Wednesday at $101.38. This week's gain appears to be a continuation of momentum from PHCM's announced purchase of Internet messaging software maker Software.com for $6.4 billion. PHCM shares have risen 30% since the deal was unveiled in early August.