Internet stocks were unable to keep up with blue chips Thursday which gained steam in the afternoon thanks to a stronger-than-expected second-quarter gross domestic product report.
internet.com’s Internet Stock Index closed off 2.24, or .42 percent, to 527.17, the Nasdaq Composite closed up 15.97 to 2,746.24 and the Dow Jones industrial average jumped 123.47 to 10,336.95.
One of the session’s standouts was Web marketer Flycast Communications (FCST) jumped 7-1/2 to 45-1/2.
CMGI Inc. (CMGI) Thursday announced it was buying Flycast for $690 million in stock. The company’s shares gained 2-3/16 to 102-1/2.
Excite@Home (ATHM) lost 2 to 41-7/16. The company Thursday launched Work.com which is being positioned as a business portal featuring content, communities and specialized applications.
eBay Inc. (EBAY) added 2-1/16 to 141-1/16. The online auctioneer will be included in the Nasdaq-100 index next Wednesday, replacing Centocor Inc.
Broadvision Inc. (BVSN) soared 11-1/8 to 133-1/16. The maker of e-business applications Thursday announced a 3-for-1 stock split.
Online toy retailer EToys (ETYS) gained 11/16 to 66-9/16 after hitting 69-3/8 earlier in the session. The company Wednesday announced a new content deal and Goldman Sachs upped its price target and rating for the stock.
Inktomi Corp. (INKT) slumped 3-5/32 to 120-1/32 despite Morgan Stanley Dean Witter initiating coverage with an “outperform” rating.
Online mortgage provider E-Loan Inc. (EELN) tumbled 2-9/16 to 21-9/16. The company warned its third-quarter loss will climb to between 34 and 35 cents a share from the 11-cent loss a year ago.
Shares of several national ISPs fell after Softbank Capital Partners’ Bill Burnham said most of the players were overvalued. MindSpring Enterprises Inc. (MSPG) lost 3/16 to 27-11/16, EarthLink Network Inc. (ELNK) tumbled 7/8 to 42-15/16 and America Online Inc. (AOL) tumbled 5-1/8 to 104-1/8.
Qwest Communications International Inc. (QWST) closed up 1-3/16 to 29-9/16 and CAIS Internet Inc. (CAIS) added 1-1/16 to 12-1/16. Qwest was awarded a $54 million contract for high-speed Internet services by CAIS, which specializes in wiring apartments and hotels for the service.
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