After posting several big declines over the past few days, Internet shares ended mixed Tuesday. Some managed to recover much of Monday’s losses while others gave back all of the gains achieved earlier in the session.
internet.com’s Internet Stock Index gained13.51, or 3.23 percent, to 432.24, the Nasdaq Composite climbed 16.37 to 2,414.68 and the Dow Jones industrial average added 31.66 to 10,594.99.
All the sector’s leaders posted strong gains with Yahoo! Inc. (YHOO) up 6 to 125-1/4 and America Online Inc. (AOL) gained 4 to 94-1/2.
On Tuesday, Federal Communications Commission Chairman William Kennard said his agency might appeal the Portland, Ore., federal court ruling that could force AT&T’s cable unit to open its infrastructure to competing Internet providers.
eBay Inc. (EBAY) didn’t have such a good day. After hitting 143 earlier, shares ended off 1/2 to 135-1/2. That’s on top of Monday’s dramatic 18 percent decline. Online ad firm DoubleClick Inc. (DCLK) jumped 5-1/4 to 76 after dropping more than 18 on Monday.
Shares of Xoom.com Inc. (XMCM) ended off 1/2 to 43-1/4 after hitting 46-1/2 earlier. NBC Tuesday announced plans to invest an additional $25 million in the online community.
Inktomi Corp. (INKT) jumped 5-3/4 to 90-1/2 after announcing a new directory engine that it said would provide more accurate Internet searches.
Infoseek Inc. (SEEK) jumped 6-1/4 to 44-1/2. Walt Disney Co. said Tuesday it would be willing to pay a hefty price to buy the remaining 57 percent of Infoseek it doesn’t own.
Infoseek reportedly canceled a Tuesday appearance at a Bear Stearns Co. conference, leading to speculation that a deal might be imminent. Disney would only say talks are progressing.
Marimba (MRBA) added 5-1/2 to 35-15/16 after CS First Boston’s Wendell Laidley reiterated his “buy” rating on the stock and seat a 12-month price target of 63.
On Wednesday, Wall Street’s attention will turn to the Consumer Price Index report as many feel the Federal Reserve will use that data in its decision on interest rates.
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