Internets Pull Away From Techs

Despite a fall in the Nasdaq, Internet shares were able to pull-off gains
by the end of trading Thursday.

internet.com’s Internet Stock Index jumped 7.49, or 1.77 percent, to
430.67, the Nasdaq Composite was down 15.92 to 2,549.06 and the Dow Jones
industrial average was up 3.17 to 10,790.97.

America Online Inc. (AOL)
climbed 5/8 to 93. On Wednesday, the company told analysts it is on track
to meet earnings estimates for the current quarter. AOL also signed a deal
with Novell Inc. to put its Instant
Messenger software into Novell’s directory software.

All of the other sector leaders were higher as well, with Amazon.com Inc. (AMZN)
up 13/16 to 91-3/4, Ariba Inc. (ARBA)
gaining 7-1/2 to 115-3/8, [email protected] Corp. (ATHM)
jumping 3-13/16 to 39-1/4, eBay Inc.
(EBAY)
adding 3-11/16 to 91-3/8, Verisign
Inc.
(VRSN)
jumping 5-5/8 to 78-3/4 and Yahoo!
Inc.
moving up 5/16 to 128-3/8.

Modem Media Poppe Tyson (MMPT)
soared 3 to 23-1/2. The company Thursday won an $11 million contract
from General Electric Co. Modem Media will provide Internet and intranet
planning and marketing services to several GE units.

24/7 Media Inc. (TFSM)
had gained 2-1/4 to 29 after Merrill Lynch upgraded the stock to
near-term “buy” from near-term “accumulate.”

BroadVision Inc. (BVSN)
was unchanged at 91. Kaufman Brothers on Thursday downgraded the stock
to “accumulate” from “buy.”

Priceline.com Inc. (PCLN)
lost 2-11/16 to 67-5/16. On Thursday, Priceline priced shares of its
secondary offering. The company plans to sell an additional 4.5 million
shares at $67.


Healtheon (HLTH)
surged 4-1/16 to 34-1/8. The company reported a 25 cent loss. First
Call forecasted a 22-cent loss.

Mortgage.com (MDCM)
gained 7/32 to 7-3/8 in its first full day of trading. The company went public at 8 on Wednesday and fell 28 cents.

As for yesterday’s big IPO, Redhat Inc.
(RHAT)
, it continued its winning ways. The stock was up 20-9/16 to 72-5/8.

Internet commerce software developer Interworld (INTW)
had its IPO today. After debuting at 17-3/4, shares lost 1/8 to 17-5/8. The company sold 3 million shares at $15.


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