Internets Soar Amid Blue Chip Pause

Internet stocks were zooming upward in midday trading Monday, thanks in part to a reversal in strategy by AT&T Corp. which will enable more Internet providers to offer high-speed cable access.

Just before noon Eastern,’s Internet Stock Index had jumped 20.97, or 2.85 percent, to 757.28, the Nasdaq Composite had climbed 30.16 to 2,550.79 and the Dow Jones industrials had fallen 17.13 to 11,269.05.

The vast majority of the sector was in the green, including America Online Inc. (AOL) up 2-5/8 to 81, Ariba Inc. (ARBA) adding 4-3/4 to 209-3/8, Broadcom Corp. (BRCM) adding 9-3/8 to 217-1/8, CMGI Inc. and (CMGI) up 9-5/16 to 169-3/8 and Doubleclick Inc. (DCLK) up 12-13/16 to 182-3/16.

Also higher were Inktomi Corp. (INKT) soaring 15-1/4 to 160-1/4, Network Solutions Inc. (NSOL) up 16-3/8 to 208-1/4 and Verisign Inc. (VRSN) jumping 16-11/16 to 222-5/8.

Yahoo! Inc. (YHOO) had soared 23-7/8 to 276-7/8. First Union Monday initiated coverage with a “buy.”

AT&T Corp. (T) was up 1-1/8 to 58-1/8 and [email protected] (ATHM) had fallen 2-1/8 to 49-15/16. AT&T Monday said it will open its cable infrastructure to other ISPs once its exclusivity contract with [email protected] expires in mid-2002. MindSpring Enterprises (MSPG) had soared 5-5/16 to 37-5/8 on news the ISP will be one of the first to offer high-speed cable access to its customers.

Red Hat Inc. (RHAT) had jumped 18-3/8 to 219-3/8 after the company announced Dell Computer Corp. will install Linux on its PowerEdge servers.

Ask Jeeves Inc. (ASKJ) was up 4-7/16 to 124-3/16 after the search engine launched its Ask Jeeves International Inc. subsidiary and a new site in the U.K.

eBay Inc. (EBAY) was off 1-7/8 to 176-7/8. The online auctioneer Monday launched local versions of its service in 23 additional U.S. cities.

Competitor uBid (UBID) was up 3-5/8 to 40-5/8 after Merrill Lynch’s Henry Blodget and Daniel Good raised their price target to $60.

Cheap Tickets Inc. (CTIX) had plunged 4-15/16 to 13-3/8 after the online discount travel site warned fourth-quarter earnings will come in at 2 cents a share, 2 ce

nts lower than expected, due to airlines discounting published fares.

Akamai Technologies (AKAM) had climbed 8-7/8 to 215-7/8. The company teamed with Bredbandsbolaget AB to provide Scandinavian customers with faster Internet access.

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