Internet stocks were getting off to a good start Monday as a variety of companies were advancing following news of several upgrades and stock splits and another Net addition to the Nasdaq 100.
At noon Eastern, internet.com’s Internet Stock Index was up 9.08, or 1.09 percent, to 844.80, the Nasdaq Composite was up 26.26 to 3,646.50 and the Dow Jones industrial average had fallen 18.35 to 11,206.35.
One of the sector’s biggest gainers was Foundry Networks (FDRY) up 35-1/2 to 313-1/2. The Internet equipment maker Monday announced a 2-for-1 stock split. Shares have risen 11-fold since going public in September.
Excite@Home (ATHM) was up 4-5/8 to 51. Prudential Securities Monday set a $125 price target on the stock.
BroadVision Inc. (BVSN) had jumped 13-3/8 to 120-3/4. The maker of customer service software for Internet businesses will join the Nasdaq 100 index on Dec. 20.
Etoys Inc. (ETYS) had gained 2-7/8 to 48. Goldman Sachs Monday upgraded the company to “trading buy” from “market outperform,” saying its stock could reach $65 in six months.
Yahoo! Inc. (YHOO) was off 4-7/8 to 348-5/8. The search engine is in talks with Britain’s Sports Internet Group PLC about a possible content alliance.
Whittman-Hart Inc. (WHIT) had plunged 22-7/8 to 56-3/8 after announcing it will buy USWeb/CKS Corp. for $5.88 billion in stock. Whitman will pay about $68.55 a share for USWeb/CKS. That represents a 35 percent premium from Friday’s close. USWeb was off 5-3/8 to 45-1/2.
AppNet Inc. (APNT) had risen 3-3/4 to 52-1/8. The Internet software company Monday won an exclusive contract from Ford Motor Co. (F) to install an internal messaging system.
Linux fever continued to push Corel Corp. (CORL) higher. Shares were up 3-1/2 to 34 on news its version of Linux had received a favorable review from CNET Inc.
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