Internet Leaders Dominate News In Midsession

Internet stocks were mixed in midsession Wednesday, although many of the sector’s leaders were higher, benefitting from earnings surprises and acquisition news.’s Internet Stock Index was up 5.58, or .97 percent, to 578.51, the Nasdaq Composite was up 2.50 to 2,560.86 and the Dow Jones industrial average had climbed 26.55 to 10,863.50.

America Online Inc. (AOL) was up 3-1/8 to 137-3/16. AOL Wednesday was meeting with analysts and investors to talk about its future plans. Investors, expecting positive news from the meeting, were bidding up the stock.

AOL is also expected to unveil AOL Plus, its DSL service that it will offer in conjunction with several regional telephone companies.

eBay Inc. (EBAY) was up 6-1/2 to 196-1/2. The online auctioneer purchased Kruse International, an auctioneer of collectible cars as well as Billpoint, a provider of credit card processing services, for $275 million.

Lycos Inc. (LCOS) jumped 7 to 119-15/16 after trading as high as 122-7/8. The company late Tuesday reported better-than-expected quarterly earnings and announced a 2-for-1 stock split.

Merrill Lynch Internet analyst Henry Blodget raised his price target to $170.

IDT Corp. (IDTC) was up 1-3/4 to 29. The company announced its Net2Phone subsidiary, which offers Internet telephony services, will sell up to $50 million in stock in an initial public offering.

Shares of Healtheon Corp. (HLTH) had rocketed 16-13/16 to 72-11/16. The company confirmed it is in merger talks with WebMD.

ALL NEW!’s HotWatch a monthly e-mail subscription for $99,
featuring Internet Stock Report’s Steve Harmon, and his 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 whole new perspective on the market.
Sign up today at: e-newsletters

News Around the Web