Strength in e-commerce related stocks was putting Internet stocks on the right track Monday, although a big decline in shares of Healtheon/Web MD was muting the effect of those gains on the ISDEX.
At 12:30 p.m. Eastern, internet.com’s Internet Stock Index was up 6.27, or .70 percent, to 898.16, the Nasdaq Composite was up 23.38 to 4,268.52 and the Dow Jones industrial average was off 90.90 to 10,872.90.
Silknet Software (SILK) had soared 48-11/16 to 187-3/16 on news it was merging with Kana Communications (KANA) in a $4.2 billion stock deal. The two companies make software that helps e-businesses better communicate with their customers and suppliers.
In the day’s other big deal, shares of Akamai Technologies (AKAM) were off 13-3/8 to 221-5/8 on news the company was buying Intervu for $2.8 billion in stock. Intervu (ITVU) was up 6-7/16 to 123-7/16.
Shares of e-commerce software provider Ariba Inc. (ARBA) were up 8-5/8 to 194-1/16 after Banc of America’s Robert Austrian reiterated his “strong buy.”
American depositary receipts of Britain’s Scoot.com Plc (SCOP) had jumped 16-1/2 to 89-1/2 after Merrill Lynch maintained its near-term “buy” on the stock.
One issue not faring as well was Healtheon/WebMD (HLTH), off 5-1/16 to 60-1/16. The Wall Street Journal questioned the company’s accounting practices in an article Monday.
E*Trade Group Inc. (EGRP) had gained 1-1/8 to 22-15/16. The online broker was added to Chase Hambrecht & Quist’s focus list.
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