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,’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 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 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.

Introducing Internet StockTracker, the new weekly e-mail newsletter from Corp. Every Friday will deliver to your e-mail
in-box the latest performance data on individual Internet companies and
their competitors. Internet StockTracker will deliver to you all the
statistics you need to assess the week’s activity.
Subscribe today and receive the Charter Rate of $157 — a savings of
$70 off the regular subscription price!

News Around the Web