Marketing deals and acquisitions from Internet leaders were getting a positive reception on Wall Street Thursday, leading the sector higher.
Just before noon, internet.com’s Internet Stock Index was up 7.61, or 1.32 percent, to 561.45, the Nasdaq Composite had risen 11.98 to 2,698.10 and the Dow Jones industrial average had added 25.65 to 10,996.45.
Yahoo! Inc. (YHOO) had climbed 7 to 179-1/4 on news it had sealed a marketing deal with Proctor & Gamble. P&G will market a variety of products to visitors across Yahoo!’s Internet network. Financial specifics weren’t disclosed.
The other sector portals were higher, including America Online Inc. (AOL) up 4-5/16 to 114-5/16, Infoseek Corp. (SEEK) up 1-7/16 to 49-3/8, and Lycos Inc. (LCOS) up 8-1/4 to 100-1/8.
Go2Net Inc. (GNET) was down 1-5/8 to 90-1/4 after announcing it was buying Authorize.Net, an online payment verification service, for $90.5 million in cash and stock.
iVillage Inc. (IVIL) was down 1-1/8 to 49-1/8. The online women’s community Thursday purchased Online Psychological Services for $25 million in cash and stock.
CNET Inc. (CNET) was off 5-3/16 to 52-7/16 after announcing plans for a $100 million advertising campaign in 1999. CNET said the campaign would result in losses for the third and fourth quarters. Analysts were expecting the company to earn 21 cents a share.
Healtheon Corp. (HLTH) was up 3-1/4 to 80-1/4. The company Thursday purchased Greenberg News Networks Inc., a privately-held medical news service, for $215 million.
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