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RealTime IT News

Exchange, Publication Create New Internet Stock Index

The Philadelphia Stock Exchange and TheStreet.com, an online financial publication, are teaming to create a new index that will track Internet stocks.

The two received approval Wednesday from the Securities and Exchange Commission to set up the exchange, which will begin trading Dec. 9 on the Philadelphia Stock Exchange.

The index will track the performance of 20 Internet companies and will have equal representation of large and small firms. Making up the index will be Amazon.com Inc., America Online Inc., @Home Corp., BroadVision Inc., CMG Information Services Inc, Checkpoint Software Technologies, Egghead.com Inc., Excite Inc., Infoseek Corp., Lycos Inc., Macromedia Inc., MindSpring Enterprises Inc., Netscape Communications Corp., Network Associates Inc., Onsale Inc., Open Market Inc., Real Networks Inc., Security Dynamics Technologies Inc., USWeb Corp. and Yahoo Inc.

Two of the firms in the index, AOL and Netscape, announced they were merging Tuesday in a deal worth $4.2 billion.