B2B momentum and and an agreement between Internet Gold and Microsoft sent
certain Internet issues higher as the Nasdaq flirted with, but closed south
of the 4,000 mark.
internet.com’s Internet Stock Index fell 5.77, or 0.68 percent, to 846.91,
the Nasdaq Composite lost 3.27 to 3972.11 and the Dow Jones industrial
average rose 85.63 to 11476.71.
Shares of Internet Capital
recovered from a big mid-day sell-off, falling only 1-1/2 to 176-1/8. ICG
was announced as the lead investor in a $11 million round of financing for
RetailExchange.com. The B2B exchange will provide an online forum that
allows pre-qualified buyers and sellers to trade excess consumer goods. The
site is set to launch on February 14, 2000 with an initial focus on women’s
apparel and home goods categories.
Other strong B2B gainers were Freemarkets Inc. (FMKT)
which climbed 23-1/4 to 292-5/16 and VerticalNet (VERT), which rose 30-5/8 to 172.
Internet Gold (IGLD)
soared 13-7/8 to 28-1/8. The Tel Aviv-based Internet service provider
announced it plans to form a Hebrew language portal with Microsoft Corp. (MSFT). IGLD will hold a 50.1 percent stake in the portal, to be named MSN Israel.
Shares of MSFT fell 1-5/8 to 117-1/2.
Sycamore Networks Inc. (SCMR)
rocketed 20-5/8 higher to 316-1/8.
Alloy Online (ALOY)
jumped 2-15/16 to 14-15/16. The online destination for Generation Y
announced a record-breaking 1999 holiday shopping season. Total merchandise
shipment value for December 1999 increased approximately 400 percent
compared to December 1998.
Shares of Exodus Communications Inc. (EXDS)
rose 1-1/2 to 85-13/16. Dain Rauscher Wessels increased its price target to
powered 3-1/16 higher to 29. The toy etailer is rebounding after hitting an
all-time low of 24-1/2 this morning. Investors are rallying behind the stock
as it will report 75 percent of its total revenues in the current fourth
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