Internet stocks were moving up in midday trading Monday in response to a slew of deals moving through the sector while the rest of Wall Street was off to a weak start.
Just after noon Eastern, internet.com’s Internet Stock Index was up 3.79, or .70 percent, to 548.65, the Nasdaq Composite had fallen 18.81 to 2,797.71 and the Dow Jones industrial average had slumped 125.70 to 10,344.55.
One of the day’s biggest movers was Digital Island Inc. (ISLD), soaring 9-7/8 to 32-7/8 after announcing a merger with Sandpiper Networks valued at $621 million.
Excite@Home (ATHM) had moved up 1 to 40-1/16. The company announced Monday it is buying online greeting card provider Blue Mountain Arts for $780 million in stock and cash.
Stamps.com Inc. (STMP) was up 7/16 to 38-9/16 after purchasing iShip.com in a deal worth about $300 million.
CMGI Inc. (CMGI) had gained 4-1/8 to 107-1/4. The company’s AltaVista unit Monday unveiled a redesigned version of its search engine and added new personalization features.
Finally, 24/7 Media (TFSM) had fallen 1/2 to 44-15/16. The Internet advertising company Monday launched 24/7 Latino, a new ad network targeting Latin America.
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