A much lower than expected loss and announcement of a 2-for-1 stock split from CMGI Inc. was breathing new life into Internet stocks at midday Thursday while a record high for the U.S. trade deficit in October was taking a toll on blue chips.
At noon Eastern, internet.com’s Internet Stock Index was up 16.81, or 2.11 percent, to 811.99, the Nasdaq Composite had vaulted 53.63 to 3,675.58 and the Dow Jones industrial average had slipped 76.16 to 11,149.16.
CMGI Inc. (CMGI) had leaped 27-3/32 to 226-27/32. The Internet incubator late Wednesday reported a fiscal first-quarter loss of $1.08 a share, much lower than the $1.76 analysts were expecting.
Infonet Services Corp. (IN) had zoomed 5-1/4 to 26-1/4. The data services provider debuted Thursday after selling 51.3 million shares at $21.
America Online Inc. (AOL) was off 2-11/16 to 86-15/16 and Wal-Mart Stores Inc. (WMT) was up 19/64 to 66-5/16. The two companies Thursday sealed an alliance for a co-branded Internet service that will target small towns where the retail giant operates.
Ariba Inc. (ARBA) was up 9-15/16 to 233-15/16. The e-commerce firm Thursday purchased privately-held TRADEX, a provider of tools and services for Internet-based trading communities.
interNAP Network Services Corp. (INAP) had jumped 7-1/2 to 149-1/2. The company, which manufactures equipment to better channel Internet traffic, announced a 2-for-1 stock split.
USWeb/CKS Corp. (USWB) had gained 3-1/8 to 38-9/16 and 3Com Corp. (COMS) was up 15/16 to 49. The Internet services firm is teaming with 3Com to develop wireless applications. 3Com will invest up to $100 million in USWeb/CKS.
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