Internet Shares Continue Climb

Shares of most Internet issues broke apart from blue chips Wednesday as investors continued to be unfazed by Tuesday’s interest rate hike while bad news from the banking sector was spooking the Dow.

Just before noon, internet.com’s Internet Stock Index had climbed 5.77, or 1.16 percent, to 501.34, the Nasdaq Composite was up 9.31 to 2,761.68 while the Dow Jones industrial average had tumbled 74.41 to 11,208.89.

Net2Phone (NTOP) had jumped 5-15/16 to 59-1/16. Long distance company Sprint Wednesday announced it would use Net2Phone’s technology to offer voice-over-IP calls to Asia.

Also, Hambrecht & Quist’s Daniel Rimer Wednesday initiated coverage of Net2Phone with a “buy” rating.

Shares of E-Loan (EELN) jumped another 4-5/8 to 34-3/8 following a 27 percent run-up on Tuesday. On Tuesday, Bank of America sold its CarFinance.com unit to E-Loan in return for an unspecified stake.

It was turning out to be a good day for sector leaders as the vast majority were in the black. Gainers included Amazon.com Inc. (AMZN) up 4-9/16 to 124-5/8, Ariba Inc. (ARBA) climbing 6 to 146, eBay Inc. (EBAY) added 4-1/8 to 123, Inktomi Corp. (INKT) climbing 5-5/16 to 115-9/16, Versign Inc. (VRSN) up 3-9/16 to 104-1/4 and Yahoo! Inc. (YHOO) added 2-9/16 to 155-1/2.

PSINet Inc. (PSIX) climbed 2-5/8 to 52-1/8 on the heels of Monday’s acquisition of Transaction Network Services Inc.


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