Internet stocks were off to a solid start Monday thanks in part to upbeat earnings expectations for Internet venture firm CMGI Inc.
Just before noon, internet.com’s Internet Stock Index was up 9.27, or 1.81 percent, to 522.44, the Nasdaq Composite had jumped 41.86 to 2,792.27 and the Dow Jones industrial average had climbed 76.62 to 10,355.95.
America Online Inc. (AOL) had jumped 3-1/16 to 100-9/16. AOL’s European unit Monday announced it is cutting phone access fees in a move towards flat-rate pricing.
Shares of CMGI Inc. (CMGI) were up 6-11/16 to 91-1/2. Investors were upbeat in advance of the company’s earnings report set to be released later Monday. Analysts expect a fiscal fourth-quarter profit of $4.08 a share up from 32 cents a year ago.
Online auctioneer Ubid (UBID) had leaped 3-1/2 to 26-3/4. Merrill Lynch Monday upgraded the company to a “near-term buy” from “accumulate.”
Infospace (INSP) was up 2-5/16 to 40-1/16. The company Monday acquired Unionstreet.com
Many other Internet leaders were higher, including DoubleClick (DCLK) up 1-3/4 to 118-1/2, Ariba (ARBA) higher by 10-3/8 to 187-3/8, Broadcom Corp. (BRCM) up 5-1/8 to 114-3/4, Broadvision Inc. (BVSN) up 4-1/16 to 133-15/16 and Juniper Networks (JNPR) climbing 13-15/16 to 212-1/4.
One of the few Net leaders in the red was online auctioneer eBay Inc. (EBAY) off 4-1/2 to 141-9/16.
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