The ISDEX was off slightly in midday trading Thursday as the government reported the nation’s gross domestic product rose at the slowest rate since 1995. The numbers suggest inflation may be on hold giving the Federal Reserve no reason to impose another interest rate hike.
Just before noon, internet.com’s Internet Stock Index was off 2.56, or .48 percent, to 526.85, the Nasdaq Composite was up 4.38 to 2,734.65 and the Dow Jones industrial average had climbed 47.49 to 10,260.97.
One of the session’s standouts was Web marketer Flycast Communications (FCST) which had jumped 8-1/4 to 46-1/4.
CMGI Inc. (CMGI) Thursday announced it was buying Flycast for $690 million in stock. The company’s shares were up 2-15/16 to 103-1/4.
Excite@Home (ATHM) was off 1-1/16 to 42-3/8. The company Thursday launched Work.com which is being positioned as a business portal featuring content, communities and specialized applications.
eBay Inc. (EBAY) had climbed 3-5/8 to 142-5/8. The online auctioneer will be included in the Nasdaq-100 index next Wednesday, replacing Centocor Inc.
Broadvision Inc. (BVSN) had jumped 8-9/16 to 130-1/2. The maker of e-business applications Thursday announced a 3-for-1 stock split.
Inktomi Corp. (INKT) had slumped 2-7/16 to 120-3/4 despite Morgan Stanley Dean Witter initiating coverage with an “outperform” rating.
Online mortgage provider E-Loan Inc. (EELN) had tumbled 2-3/4 to 21-3/8. The company warned its third-quarter loss will climb to between 34 and 35 cents a share from the 11-cent loss a year ago.
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