Internet stocks were sharply higher in midday trading Thursday as investors were taking money out of blue chips which have been on a torrid pace of late.
Just before noon, internet.com’s Internet Stock Index was up 10.80, or 2.11 percent, to 523.43, the Nasdaq Composite had climbed 6.42 to 2,812.02 and the Dow Jones industrial average was off 57.62 to 11,268.42.
PSINet Inc. (PSIX) had climbed 1-1/4 to 52-5/8 and Transaction Network Services Inc. (TNI) was up 5/16 to 46-1/4. Allegations of insider trading have brought PSINet’s $720 million purchase of TNI under review.
Net2Phone Inc. (NTOP) continued its recent run-up Thursday, climbing another 17-1/2 to 87-5/8. Shares continued to benefit from Net2Phone’s deal with Sprint Corp. to offer low-cost phone calls to Asia.
Mortgage.com (MDCM) was up 2-1/8 to 17-1/2. The online mortgage lender’s second-quarter loss increased to $1 a share compared to 14 cents a year ago. However, revenues jumped 66 percent to $14.3 million.
Other movers included America Online Inc. (AOL), up 1-1/8 to 104-3/8, Priceline.com Inc. (PCLN) jumped 8-13/16 to 74, Efficient Networks (EFNT) up 2-1/16 to 56-11/16 and Rhythms Netconnections Inc. (RTHM) had climbed 3-3/4 to 46.
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