While broader averages struggled through the day, Internet stocks ended on
the upside, spurred by several big deals.
internet.com’s Internet Stock Index was up 3.71, or .61 percent, to
614.23, the Nasdaq Composite had jumped 30.95 to 3,155.99 and the Dow Jones
industrial average was off 19.58 to 10,597.74.
Amazon Wednesday took a 4.4 million share stake in the Internet credit card
issuer and announced a $150 million electronic commerce alliance with
Sun Microsystems Inc. (SUNW)
had climbed 7/8 to 113-3/16 and Sony
had jumped 6-3/16 to 176-3/16. The two companies Wednesday unveiled plans
to collaborate on Internet devices for consumers.
Drugstore.com Inc. (DSCM)
was up 2-1/2 to 32. The company entered a strategic agreement with
ProVantage Health Services (PHS),
which is a healthcare product and service provider. Drugstore.com will be
ProVantage’s official online drugstore.
Real Networks Inc. (RNWK)
was up 8-7/8 to 135-7/8. The streaming media company is reportedly in
talks to buy Scour.net, a search engine
company, for approximately $100 million. Also, customers of RealNetworks
filed a class action suit for privacy violations. It is the second suit
filed against the company.
In IPO news, Next Level Communications Inc. (NXTV)
had rocketed 31-1/2 to 51-1/2. The broadband communications equipment
maker sold 8.5 million shares at $20 Tuesday. The IPO price was upped from
its original range of $10 to $12.
soared 38-5/16 to 52-5/16. The online travel booking service of Microsoft Corp. (MSFT)
sold 5.2 million shares at $14 each. Goldman Sachs and Morgan Stanley were the lead
SonicWALL boosted the price range on its IPO from $10-$12 to $12-$14. The
company is a provider of secure, broadband access to small and medium size
businesses. The company plans to issue 4 million shares and the lead
underwriter is Bear, Stearns & Co.
ALL NEW! internet.com’s HotWatch a monthly e-mail subscription for $99,
featuring Internet Stock Report’s top 10 noteworthy Internet stocks for the
month. Each month you will receive in-depth analysis on the top 10 Internet
stocks to watch with the information you need to assess the fast-paced nature
of Internet stocks. Staying on top of market changes in the Internet Stock
market is what counts. For $99 per year, you receive 12 timely issues sent to
you by e-mail. Don’t wait, our next issue will be out before you know it with a
perspective on the market. Sign up today at: e-newsletters