Investors were flocking to the Internet sector’s B2B darlings at midday Wednesday on the heels of a deal that will create an auction site for businesses to trade surplus items.
At 11:45 a.m. Eastern, internet.com’s Internet Stock Index had soared 38.89, or 3.8 percent, to 1,061.80, the Nasdaq Composite was up 113.23 to 4,824.91 and the Dow Jones industrial average had lost 69.11 to 10,838.23.
The purchase gives PSINet controlling interest in Metamor’s Xpedior Inc. (XPDR) consulting unit. Xpedior had soared 7-1/2 to 21-13/16.
Several other leaders were joining in the rally, including Broadcom Corp. (BRCM), up 9-15/16 to 237-15/16, Exodus Communications (EXDS), climbing 7 to 162-1/4, Infospace.com (INSP), vaulting 18-7/8 to 178-1/2, Doubleclick Inc. (DCLK), up 7-1/4 to 104-1/4 and eBay Inc. (EBAY) had risen 11-3/8 to 225-7/8.
Liberate Technologies (LBRT) had gained 9 to 79. The set-top box maker reported a quarterly loss of 14 cents a share before one-time items, 4 cents better than expectations.
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