Following Monday’s widespread selling, Internet stocks were slowly gaining ground Tuesday although extremely light volume was keeping gains to a minimum.
Just after noon, internet.com’s Internet Stock Index was up 7.74, or 1.64 percent, to 480.72, the Nasdaq Composite was up 13.03 to 2,664.02 and the Dow Jones industrial average had climbed 114.61 to 10,977.77.
eBay Inc. (EBAY) was down 3-3/16 to 101-3/16. On Monday, the company reported a second-quarter operating profit of 4 cents a share. That’s a penny higher than analyst expectations.
Other sector leaders were mixed with America Online Inc. (AOL) up 1/2 to 100-5/8, CMGI Inc. (CMGI) up 3-7/8 to 92-5/8 and Yahoo! Inc. (YHOO) climbing 4-9/16 to 138-7/8.
Excite@Home (ATHM) had gained 2-15/16 to 49-1/8. On Monday, San Francisco officials approved the transfer of the city’s cable franchise to AT&T. That’s one of the conditions required for the company’s $48 billion purchase of Tele-Communications Inc. to be finalized.
San Francisco officials delayed a decision on open access, which could require AT&T to open its cable network to competing Internet providers. Officials said they wanted to wait until an Oregon court ruling involving the issue is decided. That’s expected to happen in October.
Ariba (ARBA) had jumped 3-1/2 to 99. The company announced plans to open regional hubs in Germany, the Netherlands, Sweden, Switzerland and the UK.
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