Internet stocks recovered late in the session Friday after fears over inflation took a big toll earlier in the day.
Internet.com’s Internet Stock Index gained 7.88, or 1.32 percent, to 604.10, the Nasdaq Composite added 14.59 to 2,541.03 and the Dow Jones industrial average lost 88.34, to 10.789.04
The day’s strong gainers included InfoSpace.com Inc. (INSP) which jumped 24-11/16 to 143-5/16. The Internet directory company Friday reported a first-quarter loss of 3 cents a share, substantially better than forecasts which predicted a 14-cent loss.
America Online Inc. (AOL) added 1-9/16 to 142-15/16. The company confirmed Friday it had signed a confidentiality agreement with cable operator MediaOne Group Inc., allowing it to enter merger discussions. Microsoft Corp. (MSFT), which shed 3/4 to 81-5/16, also signed a similar agreement.
AT&T Corp. last week topped Comcast’s $48 billion offer with its own $62 billion bid for MediaOne. AOL and Microsoft are concerned AT&T could gain too tight a grip on high-speed Internet services.
It was the same story for Internet IPOs Friday as Marimba rocketed on its first day. The “push technology” company closed up 40-3/4 to 60-3/4 after pricing 4 million shares at $20 each.
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