Aus Net Issues Shaky After Nasdaq Slide

Australian Internet stocks were mixed
Tuesday morning following the Nasdaq’s slide into
negative territory Monday. The Nasdaq was only 20
points away from the key 5000-point level before
Federal Open Markets Committee chairman Alan Greenspan
unleashed the interest rates specter.

Software company
Adacel bucked
the generally shaky market Tuesday morning, climbing
27 cents or 7.9% to $3.67. Adacel announced the
release of 2 Internet security products for
Red Hat’s Linux
operating system at the Sydney Linux Open Source Expo.
Potential for revenues from the enterprise coupled
with the midas-like properties of Linux not lost on
Australian investors.

Serious profit on ISP
Access1 saw its
stock plunge 3.1% to $1.42 early, the upcoming ISP has
approval from the
Australian Broadcasting Authority
to deliver
television like content to its subscribers. Access1 is
also scheduled to offer 128 kbps Internet access in
April.

Gondwana Resources NL. plummeted 14.3% to 90
cents after responding to an Australian Stock Exchange
price query. Gondwana announced to the ASX that it at
the advanced stage of negotiations with 2 US based
technology companies for transaction technology and
related B2B applications.

An alliance with UK based e-tailer
Lastminute.com
pushed Australian travel site,
Travel.com.au 8
cents or 5.7% higher to $1.48 at midday. The alliance
is rumored to involve an equity stake.

Reckon, the
financial services portal and Australian license
holder of Intuit Corp.’s Quicken continued its slide
Tuesday morning after announcing worse than expected
losses Monday. At midday Reckon dropped 1.8% to $1.68
despite international broking giant
Merrill Lynch
maintaining a long term “buy” rating on the stock.
Merrill’s says Reckon has the all the ingredients to
be a potentially successful Internet based financial
services company.

Micromedical
Industires
jumped 7 cents, or 16.7%, to 49 cents
as investors piled into the stock following its
announcement that it will participate in the
Bluetooth
Special Interest Group. Micromed management
identifying several applications the wireless
Bluetooth technology could have for their products.

Do no wrong Davnet Ltd., the last mile
telecommunications carrier, soared 8.5% higher Tuesday
morning. At $4.61 a share, Davnet’s record highs have
been driven by bigger and bigger deal after deal.

MelbourneIT,
the domain name administrator spun out of the
University of Melbourne was also hovering around
record highs Tuesday, up 45 cents, or 3.8%, at $12.45.

News Around the Web