The Philadelphia Stock Exchange and TheStreet.com, an online financial
publication, are teaming to create a new index that will track Internet
stocks.
The two received approval Wednesday from the Securities and Exchange
Commission to set up the exchange, which will begin trading Dec. 9 on the
Philadelphia Stock Exchange.
The index will track the performance of 20 Internet companies and will have
equal representation of large and small firms. Making up the index will be
Amazon.com Inc., America Online Inc., @Home Corp., BroadVision Inc., CMG
Information Services Inc, Checkpoint Software Technologies, Egghead.com
Inc., Excite Inc., Infoseek Corp., Lycos Inc., Macromedia Inc., MindSpring
Enterprises Inc., Netscape Communications Corp., Network Associates Inc.,
Onsale Inc., Open Market Inc., Real Networks Inc., Security Dynamics
Technologies Inc., USWeb Corp. and Yahoo Inc.
Two of the firms in the index, AOL and Netscape, announced they were
merging Tuesday in a deal worth $4.2 billion.